Greenville Economic Development Coordinator Bill Walker advises small business owners that the federal government is offering the Paycheck Protection Program, due to the COVID-19 outbreak.
The program provides funds to small businesses to cover payroll costs, and most mortgage interest, rent, and utility costs over the eight week period after the application is made.
According to Walker, businesses will pay employees, rent and utilities, then be reimbursed.
The program is being facilitated by FDIC-insured banks. Walker reported all five banks in Bond County are available. Walker recommends a business owner contact his or her lender to discuss the program.
Recipients of the money do not have to repay it as long as the proceeds are used for the specific items approved through the program, and employee and compensation levels are maintained.