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Apply for the Paycheck Protection Program

Published Friday, April 3, 2020
Today (Friday, April 3) is the day for businesses to begin application for the Paycheck Protection Program
 
On Thursday afternoon, the Department of Treasury issued updated guidance on the Paycheck Protection Program (PPP). The guidance includes clarifications on several points, including:
  • Interest rate on loans will be 1.0%
  • Independent contractors do not count for purposes of a borrower’s PPP loan forgiveness; independent contractors have the ability to file for a PPP loan of their own
  • Additional clarifications on eligibility for the program
 
Businesses are urged to contact their local financial institutions to apply for this program. Expect a tremendous amount of surge so be patient, but persistent. Your accountants can also help you prepare the application since you will have to document exact payroll information. 
 
In the meantime, unless it essential for you to be out, Stay At Home until April 30 - Yesterday Governor John Bel Edwards formally issued an Executive Order to extend the Stay Home order to April 30th.
  • The Governor said the State’s Department of Education would advise in the coming days on the public school schedule for the remainder of the school schedule beyond April 30
  • The State also launched a new website as a resource for information related to COVID-19
The Governor also announced a new text alert system for COVID-19 updates. Residents can opt-in by texting LACOVID to 67283.
 
Shop Local. On the Alliance website, there's an updated list of restaurants that are open for pickup and delivery.
 
Visit www.allianceswla.org/inthistogether for the information and resources you will need for business recovery.

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