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With the sweeping measures that are taking place to financially protect both businesses and the people they employ during the COVID-19 pandemic, Bartlesville Radio invited in some professionals to help clarify what types of help the President and congress is offering.

 

Chris Batchelder with Arvest and Deborah Muggenborg with Stotts, Archambo, Muggenborg and Barklay joined us on KWON AM 1400 and 93.3, KWONTV.com and Facebook Live Tuesday to help answer some of the questions you might have about the Paycheck Protection Program.

 

The Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses. 

 

Chris Batchelder with Arvest says, "If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable."

 

Deborah Muggenborg with Stotts, Atchambo, Muggenborg and Barklay says, "Businesses – including eligible non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors described in the Small Business Act – with 500 or fewer employees may apply."

 

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

 

WATCH: Chris Batchelder and Deborah Muggenborg on COMMUNITY CONNECTION