Branden Bodendorfer with Jeff Whitrock OnFocus
In this episode Branden Bodendorfer talks with Jeff Whitrock of First State Bank about programs available through the SBA.
The Paycheck Protection Program launched in early April as a $349 billion emergency loan program created by the Coronavirus Aid, Relief, and Economic Security Act (CARES).
Through the program, small businesses are provided forgivable loans to alleviate financial hardships during COVID-19 and meet payroll and day-to-day operating expenses.
The loans covers up to eight weeks of expenses with payments deferred for six months. After the program quickly met its limit, an additional $310 billion in funding was made available and the Small Business Administration (SBA) resumed taking applications from participating lenders this week amid high demand.