WICHITA FALLS (KFDX / KJTL) – Small businesses across Texoma could get another round of discharge.
The Paycheck Protection Program provides money in the form of forgiving loans to small businesses so that businesses can keep their employees on their payroll.
To obtain a PPP loan for the second drawing under the CARES law, companies are not allowed to employ more than 300 workers, as opposed to 500 workers in the first round.
Walter Lambert, the CARES advisor to the Small Business Development Center at Midwestern State University, urges business owners to gather their records this time around to apply for the PPP loan and EIDL loan.
Lambert said this second incentive added more categories that owners can spend on, and it can still be awarded.
“One of those things is PPE,” said Lambert. “So masks or disinfectants or equipment or the like for your customers or maybe even your employees.”
Entrepreneurs need to have a 2020 quarter compared to the same quarter of 2019 to show that their gross earnings are down more than 25%.
Details on how and when to apply should be available in about seven days or more.
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