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Every Monday at 6:42 a.m. and 8:42 a.m., Rob Gilligan provides information on what's happening in the area of regional development in Southeast Missouri. Rob is the President and CEO of the Cape Chamber. Local support for "Let's Talk Business" is provided by Carved + Crafted Catering. (573) 651-2569

Let's Talk Business: Resources for Small Businesses During the Pandemic

Lindsey Grojean/KRCU

Business conditions are changing every day.

Almost all of those listening today are under some sort of declared public health emergency, shelter at home order, or even a quarantine situation. As we continue to deal with the pandemic, we are also getting a greater understanding of its effects on business and the economy.

This week, let’s take a look at a couple of the resources available for small businesses – those employing under 500 people.

Small business owners are eligible to apply for an Economic Injury Disaster Loan and an advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Funds will be made available within three days of a successful application the $10,000 loan advance will not have to be repaid.

The Paycheck Protection Program under the CARES Act prioritizes millions of Americans employed by small businesses.

Under this program:
- Eligible recipients may qualify for a loan up to $10 million determined by prior average payroll.
- Loan payments will be deferred for six months.
- If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover

The first 8 weeks of payroll and certain other expenses following loan origination. To determine what’s best for you, consult your banker or your CPA. Also visit www.capechamber.com for a full list of resources.

John Mehner is the former President and CEO of the Cape Chamber.
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