The current deadline for applying for the loans – which become grants when eligible businesses use the money correctly – is March 31.
“While PPP has proven critical 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. says 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 news conference this week that the PPP program is not a “normal lending process.”
“There are no guarantors,” Ference said. “There is no expectation of collateral support. There is no repayment capacity analysis. Don’t worry about your credit score before this opportunity.
Applicants do not need a business relationship with a bank to get started, she also said. Business payrolls dictate the amount of the loan, but the funds can also be used for other reasons – mortgages, rent, utilities and other operational expenses.
Ference said, “It really is a unique opportunity to have access to these funds.”