Business Blog

Federal Coronavirus Aid, Relief, and Economic Security (CARES) Act
 
04/03/2020 05:00 PM

                            Federal Coronavirus Aid, Relief, and Economic Security (CARES) Act

Payment Protection Program (PPP)

The City of Hermiston, Hermiston Chamber of Commerce, and Hermiston Downtown District are working together to directly contact all local businesses and encourage them to work with their banking partners to understand their potential benefit from the recently passed Federal Coronavirus Aid, Relief, and Economic Security (CARES) Act. Businesses who are members of the Chamber, Downtown District, or have a utility account with the City of Hermiston will receive a phone call about the CARES Act on either April 2nd, or April 3rd.

The CARES Act includes $349 billion specifically for the Paycheck Protection Program (PPP), which allows businesses to borrow up to 2.5 times their monthly payroll. Any funds borrowed from the federal government through the PPP, which are used to pay for certain fixed costs like payroll, rent, and utilities through June 30th, will be converted from a loan to a grant.

The City of Hermiston, Hermiston Chamber of Commerce, and Hermiston Downtown District are encouraging all local businesses to contact their bankers immediately about the Paycheck Protection Program. The U.S. Treasury Department indicates applications will be accepted beginning April 3rd, with funds directed through SBA lenders, and eligible banks and credit unions.

 

  
 
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