PALM BEACH COUNTY, Fla. — The launch of the federal government’s $349 billion loan program for small businesses to help pay workers was met with confusion and even rejection for some in Palm Beach County.
However, a Boca Raton company reports the situation is clearing up and is encouraging others to stay optimistic.
“I was frustrated too. You have to trust the process and it worked,” said Paul DiLorenzo, President of Samco Pest Solutions. “We’re grateful we got to get in when we did. If everyone keeps trying I think there’s plenty of money out there.”
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors, and self-employed persons), private non-profit organizations, or 501(c)(19) veterans organizations affected by COVID-19.
“There’s hope. We should have the money in a couple of days. It was a little under $100,000,” said DiLorenzo. “$75,000 has to go to payroll which is huge. That’s two months of payroll. For small businesses, that’s going to keep a lot of people employed.”
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
“It’s not like taking a trip to the casino. These are forgivable loans that are coming to you,” said Grant Kaplan, an attorney from Boca Raton.
The Small Business Administration will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
“It would be nonsensical for anybody not to take advantage of this, particularly at this time,” said Kaplan.
Small businesses with 500 or fewer employees can apply now.
Nonprofits and veterans organizations are also eligible.
Independent contractors and people who are self-employed can apply starting April 10.
The Paycheck Protection Program will be available through June 30.
For more information about the Paycheck Protection Program, click here.