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closed corona 042820CHAMPAIGN State Senator Scott Bennett (D-Champaign) is encouraging self-employed and small business owners to call their banks immediately to start the process for the Paycheck Protection Program.

“Small business owners and employees, who are facing lost profits and layoffs due to widespread business closures are hurting. PPP loans can help keep their workforce employed during this pandemic,” Bennett said. “Small businesses needing assistance should speak to their lender immediately to ensure all appropriate paperwork is in order.”

SBA started accepting applications from approved lenders on behalf of eligible businesses Monday. Bennett is urging qualified businesses to not wait to apply.

Qualified businesses in one or more of these categories include:

  • Self-employed,
  • Less than 500 employees,
  • Sole proprietor,
  • Independent contractor,
  • Private non-profit 501(C)(19), and/or
  • Veterans organization.

The loan is meant to keep workers of small businesses on the payroll and it will be forgiven if employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities.

For more information, visit SBA’s website.