Make Ends Meet: Small businesses apply to federal paycheck program in effort to stay afloat

Small businesses in the Hudson Valley are applying to the federal Paycheck Protection Program in an effort to stay afloat during the coronavirus outbreak.

News 12 Staff

Apr 8, 2020, 6:53 PM

Updated 1,509 days ago

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Small businesses in the Hudson Valley are applying to the federal Paycheck Protection Program in an effort to stay afloat during the coronavirus outbreak.
Congress passed the $350 billion forgivable loan program in late March.
It provides funding for businesses with fewer than 500 employees.
Employers can get up to 2 1/2 times their average monthly payroll costs for 2019.
This includes employee salaries, benefits, rent, utilities and mortgage interest.
The loan turns into a grant if the business uses at least 75% of the money on payroll.
The owners at Le Jardin Du Roi in Chappaqua recently applied to the program.
"Having the money in the bank is almost like a safety net for us right now. Obviously, I'll be able to pay my rent without my landlord you know, calling me," says Joe Quartararo, owner of Le Jardin Du Roi.
The federal government will check on each loan after eight weeks to see if the money was spent properly.
PHOTOS: Heroes on the front lines work through the COVID-19 outbreak
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