The $900 billion federal relief package signed by President Trump in December contains $325 billion in aid for small businesses.
The funding, part of a bill that also includes unemployment funds and stimulus checks for individuals, expands on the earlier Payroll Protection Program in that businesses who received funding in earlier iterations of the program still are eligible for the new funding.
Businesses also are encouraged to act now, said Corey Wright, a venture catalyst with Oregon Regional Accelerator and Innovation Network, or RAIN.
Wright noted that applications for first-time recipients opened Monday, while those who were previous recipients can apply starting Wednesday.
“I’ve literally been typing emails all morning and speaking on the phone to businesses from Linn and Benton counties about this,” Wright said.
One of the challenges with these programs is that it can be difficult for all links of the chain to be ready to go when the funding becomes available.
Wright said that banks are waiting for further guidance from the Small Business Administration and adds “we are encouraging all small businesses to start preparing their documents for the application, even if banks aren’t accepting them yet. Businesses should also consider contacting their business bankers and asking how they can at least prepare for when banks will start accepting applications.”
