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Economic Development

Posted on: April 20, 2020

Now that the Paycheck Protection Program has run out money

save small business

Now that the Paycheck Protection Program has run out money, here are two new options for small businesses affected by COVID-19

 

Save Small Business Fund – Opens today, April 20th

Applications open today for the Save Small Business Fund, created by the U.S. Chamber of Commerce to offer short-term relief for U.S. businesses which employ between 3-20 people, are located in an economically vulnerable community, and have been harmed financially by the COVID-19 pandemic. The Goodlettsville zip code of 37072 does apply.

Main Street Lending Program – Not ready yet, but the Federal Reserve is working on the Program infrastructure.

U.S. businesses will be eligible for loans if they meet either of the following conditions:

1. The business has 10,000 employees or fewer; or

2. The business had 2019 revenues of $2.5 billion or less. Loans would have a four-year maturity, and principal and interest payments on the loans will be deferred for one year. Eligible lenders may originate new loans (under MSNLF) or increase the size of (or "upsize") existing loans (under MSELF) made to eligible businesses.

The City of Goodlettsville will update information as it becomes available.


Stay the course and stay calm, because we are Goodlettsville and we will overcome.

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