|The Little Kanawha Area Development Corporation (LKADC) is a valuable resource that can help that small businesses work through the process of applying for the Paycheck Protection Program (PPP). Shelia Burch, Director of the LKADC will provide in-person assistance to any small business in the Calhoun and Wirt County area interested in this program.
PPP is a loan (with forgiveness) designed to provide a direct incentive for small businesses to keep their workers on payroll, including self-employed business owners. First Draw PPP loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, and certain supplier costs and expenses for operations.
Eligible businesses include sole proprietors, independent contractors, self-employed persons, non-profit organizations and other small business with less than 300 employees.
Businesses can apply to the SBA for loan forgiveness if the funds are used for the specified eligible costs of payroll, including self employed individuals, mortgage interest, rent, utilities and some COVID-related supply costs. The Paycheck Protection Program ends on May 31, 2021. All eligible businesses can apply through a participating lender until then.
Contact Shelia Burch at 304-483-4679 to schedule an appointment to discuss the program or begin the application process.