Paycheck Protection Program: Round Two
Hello COGPOWs (children of God, people of worth),
I received the below message from the secretary of state's office. I encourage you to read the whole message because lawmakers are in the process of passing the second round of the Paycheck Protection Program. Churches, if you were not successful in your first attempt to apply. Try, try again! Whether you gathered your documents already or need guidance in how to apply, double check all your needed documentation and find the application here on the conference website. Start contacting and applying to your lenders now. They approve the loans on a first come, first serve basis.
From Michael Watson, Mississippi Secretary of State:
Small Business Alert - 2nd Round of PPP Funds
Shelter-in-place orders and social distancing practices have severely impacted small businesses across our state. The White House and Congress have reached an agreement on a bill that will replenish a loan program crafted to assist small businesses in need of financial relief during the COVID-19 pandemic. The final details of the bill are still in the works, but the new funding package is expected to total about $480 billion and provide roughly $300 billion for the Small Business Administration’s popular Paycheck Protection Program (PPP).
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. 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. The program rolled out in March but ran out of funds toward the middle of April, causing concerns across the country from the small business community. Lawmakers will try to pass the bill that releases the second round of PPP funds in the Senate on Tuesday, April 21. If passed, the House is expected to vote on the legislation Thursday, April 23.
In the meantime, we strongly encourage Mississippi small businesses to prepare and submit their loan applications to their local participating bank if they have not already done so.
Click here to learn more about the PPP application process.
Small businesses are the backbone of this country and our office is committed to helping business owners navigate through this tough time. Should you need further assistance, please do not hesitate to contact our office.
Due to the current state of emergency, our resources are limited at this time. To serve you as quickly and efficiently as possible, please email all Business Services needs to CustomerService@sos.ms.gov.
In the email, please provide your name, a call-back number, and a summary of your business question or issue. We appreciate your patience as we do our best to serve you during this unique and challenging time.