Despite problems elsewhere, local businesses are beginning to get funding under the Paycheck Protection Program, which is part of the federal stimulus package to lessen the impact of the coronavirus pandemic.
Local businesses reeling from the effects of having their doors closed during the pandemic are starting to get the money appropriated by Congress as part of the national stimulus package.
We spoke with Evansville Teacher’s Federal Credit Union Vice President of Commercial Lending Andy Martin Monday afternoon. He said by doing a lot of the application work themselves and getting assistance from a local accounting firm to check the applications, they were able to streamline the process and start writing checks over the weekend.
Martin said, “We started disbursing on Saturday and today (Monday) is a very active day in disbursing funds. These next two to three weeks will be very active in disbursing funds, which is a very good thing to do for our communities.”
The Paycheck Protection Program disbursements are loans from the local credit union or bank. The part of the loan used for payroll, rent, utilities and mortage interest can be forgiven if the business keeps all its employees on the payroll for at least eight weeks.
