Chase for Business will host a webinar Thursday to help small businesses sign up for and navigate the Paycheck Protection Program.
The PPP is part of the $2 trillion stimulus package President Trump signed into law last week. The program will allocate $349 billion in loans for small businesses to make it through the COVID-19 outbreak. The webinar, titled ‘What Does the Paycheck Protection Program Mean for You: Relieving Financial Strain during COVID-19’ will be hosted by Mark Baird, vice president and SBA Solutions Manager for Chase and will take at 4 p.m. EDT Thursday, April 2.
The hourlong webinar will explain what information small business owners will need to sign up for the program and the best way to navigate the website. Businesses that qualify for the program are defined as businesses with fewer than 500 employees. Nonprofits, sole proprietorships, self-employed individuals, independent contractors (gig economy workers) and veteran organizations can also sign up.
Borrowers must certify that their business has been affected by the COVID-19 outbreak and must have been in operation as of Feb. 15 to be eligible. Business owners’ credit scores will be evaluated but lenders will not require collateral or a personal guarantee.
Jennifer Roberts, CEO of Chase Business Banking, knows this is a hard time for all Americans and wants Chase customers to know they are here.
“Our team at Chase is working hard to help you protect what you and your family have built. We are moving quickly to give you access to the Paycheck Protection Program loan under the new federal legislation,” Roberts said in a statement. “This loan can be used to cover payroll costs and other expenses during these difficult times.”
The COVID-19 outbreak has already led to a spike in unemployment claims and the Federal Reserve reported up to 47 million citizens could lose their job during the crisis.
Thursday will be the first day small businesses can sign up for the PPP to receive funds from the government. Additionally, small businesses that are able to maintain payroll through the outbreak will be forgiven.