JAMESTOWN – A Jamestown area business development specialist will spend time next week helping local businesses understand the expanded Paycheck Protection Program.
The Chautauqua County Chamber of Commerce is hosting a virtual Zoom meeting with Dr. Courtney Curatolo, the Director of the Small Business Development Center at SUNY JCC, on Tuesday.
In December lawmakers passed another round of PPP funding to help businesses impacted by the COVID-19 pandemic.
The program, which reopened for community financial institutions (CFIs) earlier this week, will open for lenders with $1 billion or less in assets on Friday and for all lenders next week.
Known as the Economic Aid Act, the program rebooted PPP with $284.5 billion in fresh funding, changed the existing rules regarding increases to PPP loans made to first-time borrowers.
Under previous rules, a PPP loan could not be increased unless the loan was made to a partnership or seasonal employer and the lender approved the increase before submitting the initial SBA Form 1502 report for the loan.
Section 312 of the Economic Aid Act scraps the Form 1502 restriction and provides for additional narrow circumstances under which increased PPP loans would be allowed.
Dr. Curatolo will explain how businesses can get additional funding through the program and the from the Economic Injury Disaster Loan Advance Grant.
The program, which is part of the Chamber’s Tuesday Talks series, starts at 8:30 a.m. with participants registering online first at chautauquachamber.org