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North Alabama businesses apply for SBA Paycheck Protection Program

Small businesses started applying for the Paycheck Protection Program last Friday.

Posted: Apr 8, 2020 2:58 PM
Updated: Apr 9, 2020 8:07 AM

Bank Independent told WAAY 31 at least 400 small businesses in the area are applying for the Paycheck Protection Program through their bank.

The actual application is two pages long, but small businesses must provide other documents, too.

Bank Independent President Macke Mauldin said they are working hand in hand with small businesses in applying for the program. He said so far, they've had 100 small businesses get approved for the Paycheck Protection Program.

Businesses with less than 500 employees can apply to get money, because of the impact the coronavirus pandemic has had on small businesses.

Mauldin said businesses applying have to prove they are in businesses, provide payroll documents, tax ID numbers, and other documents. Businesses can apply for this through the end of June. Whatever money a businesses gets, they must spend it in eight weeks or it will roll over into a low interest loan.

While some banks are only approving loans from current customers, Mauldin said bank independent is using a first come first served approach.

"The concern is that the money may run out, but the president said last night, he was going to add another $250 billion to it. So, there seems to be plenty of money. It's just a process you go through, and I would encourage any and every business that thinks they are eligible to apply," said Mauldin.

Mauldin said they are doing everything electronically to keep customers out of their offices for safety. Mauldin said it's a simple process, but the application has changed frequently.

Bank Independent has set up its own website to help business owners who want to apply for the program. Mauldin said employees are on standby to walk any small business owners through the process.

Some banks are not participating in the Paycheck Protection Program. Mauldin said they want to help small businesses and that outweighs any negative impact his bank could see.

To apply for the Paycheck Protection Program, click here

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