The current deadline for applying for the loans – which becomes grants when qualifying businesses use the money correctly – is March 31.
“While PPP has proven to be vital to surviving the effects of COVID-19 for many businesses, the need still exists, especially for businesses that have historically been underserved,” the Dayton chamber said on its website. .
The letter from the American chamber can be read here.
For more information on the PPP program, visit sba.gov.
Maggie Ference, senior vice president and director of small business administration at Huntington National Bank, told a press conference this week that the PPP program is not a “normal lending process.”
“There are no guarantors,” Ference said. “There is no waiting for collateral support. There is no analysis of the repayment capacity. Don’t worry about your credit score before this opportunity.
Applicants don’t need a business relationship with a bank to start, she also said. The company’s payroll dictates the amount of the loan, but the funds can also be used for other reasons: mortgages, rent, utilities, and other operating expenses.
Ference said: “It’s a really unique opportunity to have access to these funds.”