$100 Billion in Funds Still Available in SBA Paycheck Protection Program

New City, NY, – County Executive Ed Day and Director of Economic Development and Tourism Jeremy Schulman remind business owners that over $100 Billion in U.S. Small Business Administration (SBA) Payroll Protection Program (PPP) funds are still available to small businesses and nonprofits across the Country. This funding can be used to provide eight weeks of payroll, rent, utilities and mortgage interest to help keep workers employed.

"As part of our efforts to keep Rockland County businesses and nonprofits viable during the COVID-19 health crisis, we are happy to announce that help is out there," said County Executive Ed Day. "Billions of dollars are still available in Round Two of the Payroll Protection Program (PPP), and I encourage all Rockland County businesses and nonprofit organizations to submit their applications and take advantage of this incredible funding resource."

Created by the CARES Act, the second round of PPP funding was released on April 27th and provides low-interest loans to borrowers to cover eight weeks of payroll costs, rent, utilities and mortgage interest. PPP loans have a maturity of 2 years and an interest rate of 1%. Under the CARES Act, loan payments may be deferred for one year, and are retroactive from February 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020. Applications may be submitted through a PPP-participating bank, credit union, CDFI or online.

For more information on Approved Lenders, borrowers may visit the SBA Lender Locator at www.sba.gov/ppp.

For more information on the Paycheck Protection Program, including the application form, please visit https://www.sba.gov/document/sba-form-2483-paycheck-protection-program-borrower-application-form.

For more information on resources available to businesses and nonprofit organizations in Rockland County, please visit https://rocklandgov.com/covid-19-resources-for-business-and-nonprofits/.

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