Westlake Paycheck Protection Program Offering Small Business Loans

Press release from the City of Westlake:

Paycheck Protection Program offering small business loans

Businesses with fewer than 500 employees are eligible for assistance to keep employees on their payroll through the end of June. Under the Paycheck Protection Program, a small business can receive a loan of up to $10 million, with a two-year term and a 1% interest rate.

The loans will not require collateral or personal guarantees. Most importantly, up to 100% of the loan can be forgiven if the funds are used to maintain employee payroll.

Banks have recently received guidance from the federal government and are currently working to get the program into place. Visit SBA.gov for more information.

This press release was produced by the City of Westlake. The views expressed here are the author’s own.