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SKED

Southeast Kentucky Economic Development

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New Funding for Paycheck Protection Program Starts Soon

April 22, 2020

COVID-19 |  Lending

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. Read guidance from the US Treasury.

The U.S. Small Business Administration (SBA) will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

The Paycheck Protection Program will be available through June 30, 2020.

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  • How to fill out EIDL Program Forms
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  • SKED has become aware of potential scams concerning the EIDL program. Here are the facts:

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SKED

2292 S Hwy 27
Somerset · Kentucky · 42501

(606) 677-6100
skedcorp.com

 

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Certified US Department of the TreasuryAeris Rated since 2017

Community Development Financial Institutions – or CDFIs – are certified by the U.S. Department of the Treasury’s CDFI Fund. All are mission-driven financial institutions that are dedicated to providing financial services to meet the needs of economically disadvantaged individuals within underserved communities. For more information about the CDFI Fund, visit www.CDFIFund.org.

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