The town has released information from the Small Business Administration.
The information released states:
Small Business Administration (SBA) Paycheck Protection Program – UPDATE
- Applications for the SBA Paycheck Protection Program loans will begin being accepted by banks tomorrow (Friday April 3rd).
- There have been some concerns raised by the banks regarding lack of sufficient and clear terms between the SBA and the banks, and the possibility of liability on the part of the banks.
- There is $349 Billion available for this program, but some in the banking and business community have expressed concern that it will not be enough and that the $349B may be given out in a few days to a week.
- Treasury Secretary Mnuchin commented yesterday that there is a consensus in Washington to provide additional funds if that were to happen.
- The loans will be made on a first-come/first served basis.
For additional information, please refer to the Small Business Administration or Shelter Island Business Corner on our Shelter Island Town website www.shelterislandtown.us