Beginning today, small businesses and sole proprietorships can apply for the Paycheck Protection Program (PPP) through the Small Business Administration (SBA). The PPP provides funding for up to eight weeks of payroll costs including benefits, mortgages, rent and utilities. The funding will originally come in the form of a loan but becomes a grant if small businesses use the money for payroll costs, interest on mortgages, rent and utilities. Small businesses can apply for the PPP through any federally insured depository institution, federally insured credit union or a participating Farm Credit institution. Small business owners and sole proprietors can must fill out the form found HERE
and submit the required documentation to an approved lender. For more information, business owners can visit SBA.gov
Congressman Greg Murphy, M.D. (NC-03) provided the following statement in response to the SBA opening PPP applications:
"Small businesses are the economic engine of eastern North Carolina. I urge small business owners to apply for this program to ensure their employees receive the money they rely on to put food on the table for their families each and every day,"
"As a small business owner myself, I understand how difficult it can be to make payroll during tough times. This program will take immense pressure off business owners who fear they can't keep their employees on payroll due to revenue shortfalls,"
"If past experiences with other Coronavirus response programs are any indicator, I wouldn't be surprised if there are technical difficulties with the website or there are long wait times on the phone due to a massive influx of applications. This may not be the case, but it certainly could be. I know these are extremely frustrating complications during an already difficult time. But I will say agencies are doing the best they can with the resources they've been given. We are in completely uncharted territory during this once-in-a-century pandemic. I urge applicants to contact my office if they run into any issues in the application process. We will get through this together,"
Third District constituents can contact Congressman Murphy's office at (202) 225-3415.
- Michael Mead
- Communications Director
- Congressman Greg Murphy, M.D. (NC-03)
- Ph: (202) 225-3415