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.