CIRCLEVILLE – Circleville Mayor Don Mcllroy and Pickaway County Chamber of Commerce Marlee Martin announce reopening of small business loans to help keep businesses open and operating.
“We have had a lot great new businesses open in Circleville even during the Covid-19 Pandemic,” said the Mcllroy, “We want to continue to support them and get this information out to them to let them know this is available.”
This Week Congress approved an additional new round of forgivable $285 billion for Paycheck Protection Program (PPP) loans for small businesses. This was part of a 900 billion stimulus plan approved by congress.
Like the previous round of PPP loans that were sent out the money is directed to cover payroll and other expenses up to five months.
“Borrowers that were not able to apply the first time will be part of the first draw. The goal of this loan is to provide aid to women, minorities, and veterans,” said Marlee Martin Pickaway Chamber.
A second round of loans for people who took advantage of the first round will also be available through SBA (Small Business Administration)
“I want to emphasize to local residences to shop local and help these amazing Circleville local mom and pop businesses. These businesses have made the choice to open in Circleville and offer things that we didn’t have before. When locals ask for bowling alleys, roller skating rinks, and steak houses it takes entrepreneurs who want to come to the area to open these things. By supporting the ones that have, you will entice others to open up shop here. That is the path to the things Circleville wants.”
In 2020 several businesses came to the area, Betsey’s Boutique, White Rabbit, Chic rose Boutique, Coldwell Banker, Ivy Court, Unmanageable hair, Elite Construction, Lynn & Lou, and Cricket Wireless all came to Circleville Downtown. Outside of Downtown Jonesy’s Treasure Box, Jimmy Johns, Verizon, Los Mariachis, Starbucks, and Hampton Inn.
Below are highlights of the PPP loans what we know, and we’ll share updates and details as we learn more:
•First-time borrowers. In general, borrowers can have no more than 500 employees and their business must have been in operation as of February 15, 2020. The first loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $10 million loan maximum.
•Second-time borrowers. Businesses can apply for a second PPP loan if they’ve spent or expect to spend the full amount of their first PPP loan before they receive funding for the second loan. In general, borrowers can have no more than 300 employees. The second loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum.
Accommodations and Food Services companies with NAICS code 72 can borrow up to 3.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum.○All businesses applying for a second PPP loan must show that their business revenue declined by at least 25% in any quarter in 2020 compared to the same quarter in 2019.○Businesses can apply for a second loan whether or not they have requested Forgiveness.
•These highlights will apply to many borrowers, but there are some exceptions. For full program details, visit SBA.gov and Treasury.gov. or Contact Marlee Martin at the Pickaway Chamber (740) 474-4923, [email protected], or the Columbus District office at (614) 427-0407.