Small business owners will soon get relief from payroll woes as the Paycheck Protection Program gets underway.
Small businesses will be able to file for this help beginning today but there might be problems developing with the process.
The SC Small Business Chamber of Commerce reported that some small businesses are experiencing difficulty with their SBA lenders not wanting to process PPP loans.
The Chamber warns that this process could take more time than originally anticipated. The problem is that there is little guidance about how these loans will be forgiven.
South Carolina has a number of SBA approved lenders.
“Countybank is processing applications for the PPP,” said Paul Pickhardt, senior vice president and SBA lending manager for Countybank. “Completed applications will be forwarded to the SBA starting tomorrow.”
He notes that they are only accepting applications from current business clients.
The Paycheck Protection Program is a part of CARES Act signed into law last Friday. The PPP loans can be used for payroll, rent, utilities and mortgage interest.
These PPP loans are 100% forgivable as well.