$484 billion dollars is expected to be funneled out into small business who are struggling to stay afloat due to COVID-19 shutdowns.
This is the fourth relief package to be signed into law by President Trump.
This one has new guidance lines intended to crack down on big publicly traded companies accessing loans not intended for them.
"The small businesses economy is what we thrive on here in Washoe County. They provide the goods and services we all use, and so my hope is that the money is allocated appropriately this time around," says Ann Silver, CEO,of Reno Sparks Chamber of Commerce.
If aid does come, it's important to follow the rules on how to use it, that way you don't have to pay a large portion of money back to the government.
"You have to spend for forgiveness purposes, you have to spend 75 percent of the money on payroll, you can't spend more than 25 percent on these other things," says Craig Etem, with Fennemore Craig Attorneys.
Those other things include, rent or mortgage interest, and utilities during the eight-week period; starting from when the loan arrives.
It's also important to keep a record of how you're using this loan.
"We're telling people hey, put it into a separate bank account. Work with your accountant or whoever financial person is. To make sure you can track the money," says Etem.
Etem encourages staying on top of applying for the loan and forgiveness and check in with your lender frequently.
"A lot of times too the banks are happy to help and say if you want this forgiven, because it's not skin of the banks nose. You go to the bank and say when do you need my application for forgiveness," says Etem.
We spoke with a local business owner who is taking all of the necessary steps to secure this loan, but has not yet received any sort of relief.
"I've personally submitted 15 applications and unfortunately I didn't get the majority of my applications in until the funds had already run out. So I am kind of just sitting and waiting right now," says Daniel Rooney, the Owner and Founder of Silver State DJ.
Rooney says unfortunately he had some problems with his original lender, so he didn't get his application in on time for the last loan.
He's remaining optimistic, and he has some advice for anyone who is just starting this process or are waiting for relief.
"All I can say is you're not going through it alone. Not everyone is in this boat but there's certainly a lot of us out there," says Rooney.
To learn more about Silver State DJ, click on the link below:
https://www.silverstatedj.com/
To learn more about Fennemore Craig Attorneys, click on the link below:
Â
