ACCD Encourages Businesses to Explore Payment Protection Program Loans
FOR IMMEDIATE RELEASE
Agency of Commerce and Community Development Encourages Businesses to Explore Paycheck Protection Program Loans
Montpelier, Vt. – As the U.S. Small Business Administration (SBA) opens the Paycheck Protection Program (PPP) application portal to lenders, the Agency of Commerce and Community Development (ACCD) is encouraging businesses to review program specifics, speak with their trusted lender, and apply for this latest round of financial support. More than $284 billion has been allocated to this program nationally.
“As we continue to see the economic impact of COVID-19 on our communities, the PPP program is another tool to help businesses survive this unprecedented time,” said ACCD Secretary Lindsay Kurrle. “We encourage all businesses to explore requirements and eligibility soon as this is a first come, first served program. We also want to thank all those Vermont lenders who stand ready to assist our business community in accessing these funds.”
Today, the portal was opened to lenders with $1 billion or less in assets for First and Second Draw applications. The portal will fully open on Tuesday, January 19, 2021 to all participating PPP lenders to submit First and Second Draw loan applications to SBA.
Businesses can learn more learn more about First and Second draw loans at the SBA website. Earlier this week ACCD and the SBA held a webinar to discuss the program, eligibility, and application process. A recording of that webinar is now available at the ACCD Business Recovery Resource Center.
If a business doesn’t have a trusted lender, the Vermont Economic Development Authority stands ready to assist those in need of help navigating the program specifics and applications.
About the Vermont Agency of Commerce and Community Development
The Vermont Agency of Commerce and Community Development’s (ACCD) mission is to help Vermonters improve their quality of life and build strong communities. ACCD accomplishes this mission by providing grants, technical assistance, and advocacy through three divisions: The Department of Economic Development, the Department of Tourism and Marketing, and the Department of Housing and Community Development. For more information on ACCD please visit: accd.vermont.gov.