Guide to Small Business COVID-19 Emergency Loans

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One of the best things about living in Addison is you are surrounded by small business owners, entrepreneurs and world-class headquarters that also call our town home. Unfortunately for everyone, this past year has been hard. Luckily, the federal government has tools to help! The Metrocrest Chamber of Commerce recently sent an email to its members explaining the details on the “Second Draw” of PPP loans, with information on small business COVID-19 Emergency Loans.

“As part of an end-of-year pandemic relief package, Congress has passed several changes to the Paycheck Protection Program (PPP) and created a ‘Second Draw’ PPP for small businesses who have exhausted their initial loan,” according to the email. “Other changes impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans.”

For more information, visit the U.S. Chamber of Commerce’s website, which answers several key questions such as:

  • How do these changes impact my existing PPP loan?
  • I exhausted my initial PPP loan, how does this help me?
  • What if I never received a PPP loan?

Congress has also made changes to other programs, including Economic Injury Disaster Loans (EIDL Program), the Employee Retention Tax Credit, a Venue Grant program, and SBA loan programs that will benefit small businesses.

If your business is struggling, you don’t have to suffer in silence. Take advantage of the many ways the government is helping out small businesses during this trying time. And, if you can, shop local as often as you can. Support other Town of Addison restaurants, retail stores, spas and salons, grocery stores, hotels and more as often as you can, so we can all do our part to keep our community thriving.

Also, consider joining Metrocrest Chamber, which has three main priorities right now: continue to serve as the champion for and support local business, provide timely resources for employers and employees, and continue to deliver value and stay the course. During the ongoing pandemic, Metrocrest Chamber also has some resources for helping businesses implement strategies to protect their workforce while ensuring continuity of operations. Learn more on their website.

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