And, businesses should now prepare to apply for financial assistance due to the COVID-19 crisis.

James Decker, President and CEO of Warren County Chamber of Business and Industry (WCCBI), wants to make sure no one falls through the cracks.

There are limited funds available, and it “goes away in a hurry,” according to Decker, so it’s important to spread the word and bring awareness to businesses that they are eligible for financial assistance programs due to COVID-19 closures.

The largest of these programs is the Payroll Protection Program (PPP) through the Small Business Administration (SBA). The initiative is to provide 100% federally-guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis and restore their payrolls afterward.

“Any business is eligible,” said Decker.

He is trying to reach as many businesses as possible to notify them that the application process is opening for small businesses, self-employers, and sole proprietors. Businesses can apply through any existing SBA 7(a) lender or through any federally-insured depository institution, federally insured credit union, and Farm Credit Union that is participating.

Business owners and those self-employed should reach out to their respective banks to make sure they are working with a participating SBA-qualified lender. Some qualified participating lenders include Northwest Bank, PNC Bank, Erie Bank, and more. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program.

Each lender has a slightly different application process, and applicants should inquire and submit their applications with their qualified lender directly.

The SBA has released initial guidelines and they are available at www.treasury.gov. The U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals check eligibility and prepare to file for a loan.

Small businesses and sole proprietors can begin to apply Friday, April 3, and independent contractors and self-employed individuals can begin to apply April 10.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act — known as the Payroll Protection Program (PPP) — allocated $350 billion to help small businesses keep workers employed during this pandemic and economic downturn. The program is open until June 30, but borrowers are encouraged to apply as soon as possible due to the program’s loan cap.