Chase for Business has given an update on the Small Business Association’s Paycheck Protection Program, a part of the $2 trillion stimulus package President Trump signed into law last week.
The program was due to open yesterday, but according to Chase for Business many financial institutions are still awaiting guidance from the SBA and the U.S. Treasury. As a result, Chase will likely not be able to start accepting applications until after April 3. Chase will notify all of its customers when it will accept applications through an email. Additionally, Chase will provide updates through its Twitter handles @ChaseforBiz and @Chase.
Chase will also continue providing updates. In order to get through the application process as quickly as possible when it opens, Chase says you should have the date you started your business, your annual revenue, business mailing address, and the necessary information available to calculate average monthly payroll costs for your employees for the past 12 months including the beginning of 2020.
Before applying, Chase also recommends that you talk with your legal, financial, and tax advisers.
The PPP will allocate $349 billion in loans for small businesses to make it through the COVID-19 outbreak. A webinar hosted by Chase providing information is available to view as well. The webinar is hosted by Mark Baird, vice president and SBA solutions manager for Chase, explains what information small business owners will need to sign up for the program and the best way to navigate the website.
Businesses that qualify for the program are defined as businesses with fewer than 500 employees. Nonprofits, sole proprietorships, self-employed individuals, independent contractors (gig economy workers), and veteran organizations are also qualified to sign up.
Jennifer Roberts, CEO of Chase Business Banking, knows this is a hard time for all Americans and wants Chase customers to know they are here.
“Our team at Chase is working hard to help you protect what you and your family have built. We are moving quickly to give you access to the Paycheck Protection Program loan under the new federal legislation,” Roberts said in a statement. “This loan can be used to cover payroll costs and other expenses during these difficult times.”
The coronavirus outbreak has affected every sector of the U.S. job market, white and blue collar. The Federal Reserve expects things to get worse.