Whitehouse Office Available to Assist RI Small Businesses with SBA Loans
Strong demand expected for new SBA loan forgiveness programs
Washington, D.C. – As the U.S. Small Business Administration (SBA) today begins accepting applications for a new “Payroll Protection” loan forgiveness program, U.S. Senator Sheldon Whitehouse is reminding small business owners that his constituent services team is available to help Rhode Islanders navigate the application process.
“Rhode Island small businesses are in crisis mode right now, and we know there is enormous demand for the SBA’s new borrowing and loan forgiveness services,” said Whitehouse. “Congress created the Paycheck Protection Program to keep employees on the payroll and position businesses to quickly restart operations as soon as it’s safe. We expect the SBA banks will have some processing delays due to overwhelming demand, but my office is here to assist business owners and answer questions as this emergency lending program gets off the ground.”
Congress established the Paycheck Protection Program under the CARES Act, which passed the Senate unanimously last week. The program is open to small businesses and most nonprofit organizations with 500 or fewer employees. Loans taken out under the program can be forgiven for rent and salaries for businesses that keep employees on the payroll and maintain their pay.
Answers to common questions about the SBA’s new and expanded lending programs are available here. Whitehouse joined Congressman David Cicilline and SBA District Director Mark Hayward for a webinar about the new Paycheck Protection Program earlier today, which can be viewed here.
Constituents can reach Whitehouse’s office via the contact form on his website, or by calling (401) 453-5294.
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