Name: Small businesses keep employees on payroll with Paycheck Protection Program
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Small businesses keep employees on payroll with Paycheck Protection Program

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Posted: Apr 9, 2020 / 09:01 PM CDTUpdated: Apr 9, 2020 / 09:16 PM CDTAMARILLO, Texas (KAMR/KCIT) — With small businesses reeling from the impact of the coronavirus pandemic, there is new hope for workers to keep their jobs.Many local banks are working with the Small Business Administration to give out loans to those affected under the Paycheck Protection Program, with an incentive for small businesses to keep their employees.The SBA said these are forgivable loans. However, all employees must be kept on the payroll for eight weeks and the money must be used for payroll, rent, mortgage interest, or utilities.For more information about the SBA’s Paycheck Protection Program, .“There’s some documents you’ve got to go through and you’ve got to put that stuff together, but we’re finding that it’s really not that onerous,” said J. Pat Hickman, the chairman and CEO of Happy State Bank. “Most businesses are able to come and get that information pretty quick but it’ll cover up to two and a half times your salary expenses.Hickman said while it is heartbreaking to see businesses struggle, they have taken in more than 1,000 applications—many of which are already funded.“To now get good news, now we’re starting to see, it’s not just a pipe dream. ‘Wait a minute, there’s money in my account. There’s enough money in my account today that I can take care of those employees, that I can do this, that I can make it through these next 60 days,'” Hickman said with a sigh relief. “Wow, what encouragement that is, what a gleam of hope, and isn’t it neat that it’s right here at Good Friday and Easter?”Happy State Bank is not the only bank participating.RELATED:Before the pandemic, Great Nation Investment Corporation regularly helped churches with financing. Their president, Kelly Archer, said they have been impacted greatly.Kelly told us, “I love my staff, and I wanted to do everything possible to keep their income coming in as best we could and this is just a godsend for us.”According to Kelly, the company got their payroll funding in just three business days through Herring Bank.“It’s a tough time for everybody but we’re going to get through this, this is going to help a lot. This is going to help our employees know that they’ve got a paycheck coming in and that’ll be the same for other small businesses, and for churches,” Archer said.According to the SBA, the loans are available until June 30, 2020.Thanks for signing up!Watch for us in your inbox.Subscribe Now✕× Close Ad

Posted: Apr 9, 2020 / 09:01 PM CDTUpdated: Apr 9, 2020 / 09:16 PM CDTAMARILLO, Texas (KAMR/KCIT) — With small businesses reeling from the impact of the coronavirus pandemic, there is new hope for workers to keep their jobs.Many local banks are working with the Small Business Administration to give out loans to those affected under the Paycheck Protection Program, with an incentive for small businesses to keep their employees.The SBA said these are forgivable loans. However, all employees must be kept on the payroll for eight weeks and the money must be used for payroll, rent, mortgage...

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Small businesses keep employees on payroll with Paycheck Protection Program

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