Stefanik talks ag issues, trade deal, climate change

U.S. Rep. Elise M. Stefanik, R-Schuylerville. Sydney Schaefer/Watertown Daily Times

The federal coronavirus stimulus bill includes a much talked-about section in which small businesses can apply for loans that can forgive two months of payroll expenses.

One of the only provisions in the federal coronavirus bill that small businesses can take advantage of is the Paycheck Protection Program, which is designed to keep employees paid during the COVID-19 outbreak. The program expands the existing U.S. Small Business Administration loan program and is part of the over $350 billion that was allotted under the stimulus bill for small businesses. Those that qualify will be eligible for a loan of 250 percent of their average monthly payroll expenses, covering around eight weeks and not to exceed $10 million.

Johnson Newspapers 7.1

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(3) comments

Holmes -- the real one

"....loans that can forgive two months of payroll expenses..."

How does that work exactly? It's a loan? But it "forgives" expenses, rent, utilities etc. ?

If it is a loan, that implies that it must be paid back. Where does the "forgiveness" part come in?

Holmes

Read the article...

Holmes -- the real one

I did. What remains unclear is how those small business owners will be able to determine just how much of their "loan" must be repaid. Words like, "those that qualify" and "sliding scale" are ambiguous.

i certainly do hope this plan will be helpful for those who need it.

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