STATEHOUSE (Feb. 26, 2021) – The U.S. Small Business Administration recently resumed the Paycheck Protection Program, and eligible small businesses can apply for the low-interest loans, according to State Reps. Michael Aylesworth (R-Hebron) and Hal Slager (R-Schererville).
Aylesworth said the Small Business Association is accepting PPP loan applications from eligible first-time borrowers and those who previously received a loan. The loan can be used to help cover payroll costs, including benefits, mortgage interest, rent, utilities and worker protection costs related to COVID-19.
"Resuming the Paycheck Protection Program is good news for small businesses dealing with the impacts of the pandemic," Aylesworth said. "This recovery has been a long process, and our Hoosier businesses in need of extra help should take a look at the program and consider applying."
According to Slager, PPP loans help businesses suffering financial losses from COVID-19 to weather the storm. Small businesses are eligible if they have no more than 300 employees and have experienced at least a 25% reduction in gross receipts from quarter to quarter in 2019 and 2020.
"This second round of PPP loans provides small businesses an opportunity to recover some of their expenses over the past year," Slager said. "The program can help businesses stay open and continue providing much-needed services to their local communities and our state."
SBA is currently accepting applications from participating lenders, and businesses must apply by March 31, 2021. These loans have a five-year payback period, and initial payments can be deferred.
Visit sba.gov to apply or learn more.
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State Rep. Michael Aylesworth (R-Hebron) represents House District 11,
which includes portions of Lake and Porter counties.
Click here to download a high-resolution photo.
State Rep. Hal Slager (R-Schererville) represents House District 15,
which includes portions of Lake County.
Click here to download a high-resolution photo.
