Funding Renewed for Paycheck Protection Program
Choose Clark County, the local economic development organization for Clark County, is encouraging businesses to look at their options for federal stimulus dollars. Late last week, Congress approved a second round of funding for the Paycheck Protection Program, which provides funds for up to 8 weeks of payroll expenses.
“The funding for the Paycheck Protection Program went very, very quickly last time, so if you are interested in applying, we recommend that you do so right away,” said Kristin Vandersnick, Executive Director of Choose Clark County.
The Paycheck Protection Program is a loan through the Small Business Administration, but SBA will forgive the loans – meaning they don’t have to be paid back – if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Vandersnick noted that in addition to small businesses, other entities are eligible to apply, including sole proprietors, independent contractors, the self-employed, 501c3 non-profits, and churches.
“The economic stimulus information is changing day-by-day, so keep in touch with your accountant and your lender if you have questions. Dacotah Bank is a great resource, being one of the institutions authorized to submit the paperwork for this Paycheck Protection Program. Choose Clark County is here to help, too, and we will keep our website as updated as possible as things progress,” Vandersnick stated.
The Choose Clark County website, www.chooseclarkcounty.org, has a new section with COVID-19 economic resources, including the Paycheck Protection Program application form and answers to frequently asked questions.
Choose Clark County was formed last year as a joint effort of the City of Clark and Clark County, and Vandersnick was hired in January as the organization’s first Executive Director. Due to social distancing recommendations, she is now working from her home instead of the Dacotah Bank office location, but contact details remain the same: call or text (605) 880-7840 or email firstname.lastname@example.org.