Created: April 03, 2020 11:14 PM
ROCHESTER, N.Y. (WHEC) — Small businesses are beginning to apply for the Paycheck Protection Program.
Five Star Bank tells us it received 500 inquiries on Friday.
It's part of the $2 trillion federal relief package, and will help small businesses retain workers and pay bills during the pandemic.
Businesses can get low-interest loans of about two and a half times their average monthly payroll.
We talked to Mike Calabrese, the owner of Javas, who says sales are down 85%.
He's already applied for the loan.
"It's a significant hit with very little business and still and still having to pay rent and RG&E and insurance and things like that, so I thought we would, you know, take advantage of it,"
"Banks are the conduit of getting this aid to Main Street and that's where it needs to get to as fast as it can,” Marty Birmingham, President and CEO of Five Star Bank said. “Main Street is hurting and the banks have relationships. We're located on Main Street ourselves."
To apply for this loan, go to your bank and it will walk you through the application process.
The loans will be fully or partially forgiven if businesses show that the money was used to retain or rehire employees and pay some overhead expenses through June 30.
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