WHEELING, W.Va. (WTRF) — Are you running into problems applying for business loans during this pandemic?
Wheeling Area Chamber of Commerce hosted a virtual Covid-19 Business Resource Panel to address those questions.
CEOs of local banks gave their two-cents on how to apply for Paycheck Protection Program Loans.
Over 7,000 loans have been approved so far in West Virginia and in order to get forgiveness from PPP loans, there will be required documentation, but bankers say the specifics are unknown.
However, when talking about grace, the amounts forgiven can not exceed the amount of the loan.
And when you’re funded, the clock starts; all expenses must be incurred and paid in that 8-week period.
The Panelists agree, there is some weeding to get through.
Some of this may change. Because we don’t know what we’re supposed to collect at this point to call you good. If we don’t know that you don’t have an arm’s length lease and you’re the renter.Rich Lucas, President & CEO at Main Street Bank
And we don’t know your transportation costs, we’re trying but the money is flowing. So, the answer is going to occur in 8-10 weeks.
Their advice? Keep tabs; track disbursement as much as you can.
And bankers warn: Do not Jeopardize the PPP Loan to apply for Employee Retention Payroll Tax Credit. You can either do the loan program or take the credit. Not both.
If you missed the full Q&A, reach out to Wheeling Chamber for the recording.
And as we weather through this crisis, banks hope to see more loan programs become available.