Local Businesses Get Another Shot at COVID-19 Relief

Local Businesses Get Another Shot at COVID-19 Relief

New round of funding may be available through Payroll Protection Program By Lou Sorendo While the powers in Washington look to replenish the COVID-19-inspired Paycheck Protection Program overseen by the U.S. Small Business Administration, there has yet to be any indication as to who received funds in Oswego and Onondaga counties during the previous round. The White House and Congress reached a deal on a new funding package Tuesday that will replenish a lending program meant to aid small businesses hurt by COVID-19. The Senate and House will need to pass the legislation later this week. The deal totals more than $480 billion and appropriates $320 billion for the PPP, $60 billion of which is targeted for small lenders and community financial institutions. This loan has a maturity of 2 years and an interest rate of 1%. This emergency capital helps small businesses keep their workforce employed, providing workers with their paychecks during the COVID-19 public health crisis, according to the SBA. The PPP is the single largest small business loan program in history, according to Matthew Coleman, regional communications director for the SBA’S District II based in New York City. The PPP provides forgivable private capital loans for small businesses to

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