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In addition to the communication Lake County previously provided regarding the availability of loans for small businesses (U.S. Small Business Administration Loans Available for Lake County Businesses), the recent passage of the stimulus package (CARES Act) included the Payroll Protection Program.
The Payroll Protection Program provides small businesses with funds to pay up to eight weeks of payroll costs, including benefits – with loan forgiveness if certain criteria is met. Funds can also be used to pay interest on mortgages, rent and utilities for businesses. Further information, including how to apply, can be found here: Assistance for Small Businesses.
Lake County Board Chair Sandy Hart commented on the recent availability, “The financial well-being of Lake County’s businesses is integral to the health of our economy. We are thankful that the CARES Act provides our local businesses additional opportunities for financial support as we continue to work through this emergency.”
Applications for small business and sole proprietorship can apply starting, April 3, 2020. Independent contractors and self-employed individuals may apply starting April 10.
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