As many of you have heard yesterday evening Congress passed new Pandemic Relief Package yesterday evening. This includes the inclusion of Chambers of Commerce in the Paycheck Protection Program. These are forgivable loans that will be made available. These will be administered through the Small Business Administration. As guidance becomes available we will share it with you. In the meantime, we encourage you (if you plan to apply) to reach out to a local banking member that has participated in the program and ask them how you should start to prepare.
Following are the basic qualifications as currently released:
The cost of lobbying activities of the organization did not exceed $1,000,000 during the most recent tax year that ended prior to February 15, 2020.