Does Your Business Qualify for the Paycheck Protection Program?

The Paycheck Protection Program (PPP) is a $349 billion stimulus to help small businesses across the United States to continue to employ workers, even if they don’t get enough income to do so. Qualifying businesses can apply for a loan to cover their workers’ paychecks, including benefits for up to eight weeks. Because the workers still get paid, they can continue to keep up with their personal expenses, which helps out everyone. At Best Home Water Treatment Systems, we’re a small business, too, and offer this information as our way of helping to support others in our community.

Who Can Apply?

Qualifying businesses have fewer than 500 employees and have been in operation since February 15, 2020, or earlier. Additionally, at a later date, independent contractors, sole proprietors, and self-employed individuals can also apply for the PPP.

If you use at least 75% of the funds for payroll and the remaining for other qualifying costs, you may get 100% of the loan forgiven. Some conditions will decrease the amount of forgiveness for the loan. Any amount that you must pay, though, will have a six-month deferral to help your business get money for the payments.

How to Apply?

To apply for one of these loans, you must fill out an application with a Small Business Administration (SBA) lender between April 3 and June 30, 2020. However, this window may end sooner if the funds run out, so you should apply as soon as possible.

If you are an independent contractor or self-employed, you must wait until April 10 to fill out a loan application.

Where you apply does not matter because all qualifying loans through SBA lenders will offer the same terms and conditions. Always go over these carefully and understand them before signing off on your loan.

Help Out Other Local Businesses

If you take advantage of PPP, continue to support your local businesses, too. Small businesses everywhere will still need your patronage to remain in business after these loan funds run out. No one knows how long the quarantines and economic impacts of COVID-19 will last. But by getting PPP help for your business and supporting others, we can get through this together.

From all of us at Best Home Water Treatment Systems, good luck with your small business, and we hope to continue to support local companies far into the future as our community has turned to us for home water solutions.

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