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Paycheck Protection Program

Many small businesses in Northeast Texas may be unaware of a part of the Coronavirus Stimulus Package known as the Paycheck Protection Program. Its a $350 billion forgivable loan program intended to save jobs. Any business with fewer than 500 employees can apply. There’s a formula that dictates how much they would get. If the business spent that money on employees, a mortgage, rent or utilities, the principal of the loan would be forgiven. The loans are backed by the Small Business Administration but you can apply through your bank.