COLUMBIA, S.C. (WCBD) – The SC Chamber of Commerce, SC Bankers Association, and the US Small Business Administration SC District Office announced that a loan program designed to help small businesses (500 employees or less) has been approved.
The program is included in the Stimulus Bill just signed into law by President Trump.
Small businesses, employers, and nonprofits with 500 employees or less that maintain their payroll during the COVID-19 crisis are eligible.
The program includes the ‘Paycheck Protection Program,’ which provides nine weeks of “federally guaranteed loans to small employers who maintain their payroll during the emergency.” Portions of the loans may be forgiven under certain conditions.
Small businesses that have applied for an EIDL grant will be allowed to “request an advance of up to $10,000 on the loan to provide paid sick leave, pay employees, and pay other debt obligations.”
The Small Business Administration will be required to pay “all principal, interest, and fees on all existing SBA loan products including 7(a), Community advantage, 504, and Microloan programs for six months.”