Forgivable federal loans available to Lehigh Valley businesses and nonprofits to keep workers on the rolls

Written by on April 1, 2020

Forgivable federal loans available to Lehigh Valley businesses and nonprofits to keep workers on the rolls

By Chloe Nouvelle

April 1, 2020

Part of the $2 trillion dollar federal stimulus package last week includes a program to protect jobs at small businesses and nonprofits — including here in the Lehigh Valley.

WLVR’s Chloe Nouvelle spoke with the Valley’s 9th district congressman about how local organizations can get federal help staying afloat.

U.S. Representative Dan Meuser says more than 100 area businesses have already contacted his office looking for some form of economic relief.

“Most small businesses are in the supply chain for large businesses. So without those small businesses, frankly, there very likely would be no large businesses,” said Meuser.

Meuser says the new Paycheck Protection Program will provide nearly $350 billion dollars in loans to smaller businesses and nonprofits with less than 500 employees.

Organizations can borrow up to $10 million dollars for payroll and some operating expenses. And the loans are potentially forgivable — if businesses keep paying employees. It’s also retroactive back to February 15, to promote re-hiring.

Meuser says interested businesses shouldn’t wait to apply — the program is set to end on June 30, and funding may run out before then.


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