Local businesses can apply for forgivable loans to help during COVID-19 crisis

DAVENPORT, Iowa. (KWQC) - Local businesses can get help starting Friday, April 3rd by applying to federal loans of up to 10 million dollars.

Bankruptcy concept image of a pen, calculator and reading glasses on financial documents.

The Quad Cities Chamber of Commerce hosted a virtual webinar on government financial assistance programs on Thursday to help inform business owners about financial options they have.

The majority of the webinar focused on the $349 billion Paycheck Protection Program which is a part of the CARES Act, helping prevent a long-term recession and keep the workforce employed during the COVID-19 crisis.

Business owners can borrow 2.5 months of borrowed expenses which can go towards things like rent, mortgage, payroll, and utilities.

The loan can be forgiven if your employees that were laid off between February 15 and April 16 are re-hired or brought back to their original wages by June 31.

Those qualified for the Paycheck Protection Program:
- A small business with fewer than 500 employees
- A small business that otherwise meets the SBA'S size standard
- A 501(c)(3) with fewer than 500 employees
- An individual who operates as a sole proprietor
- An individual who operates as an independent contractor
- An individual who is self-employed who regularly carries on any trade or business
- A Tribal business concern that meets the SBA size standard
- A 501(c)(19) Veterans Organization that meets the SBA size standard

It's recommended you contact small business development centers, Quad Cities SCORE, or your local bank for help filling out the application. More information on the application can be found here.

You can see the original meeting explaining the loans and other options for business owners by clicking here.

For more information from the Quad Cities Chamber of Commerce and updates on COVID-19, click here.