Congressman Bob Latta visited Van Wert on Friday in order to learn how grant funding and the Paycheck Protection Program (PPP) are being utilized by businesses.
Latta visited Family Health Care of Northwest Ohio and The Marsh Foundation.
The Paycheck Protection Program provides resources to small businesses so that they can continue to pay employees and cover costs during the COVID-19 pandemic.
The program lasts up to 24 weeks, where funding can be used to cover the entire cost of payroll and other eligible expenses.
Small businesses, non-profits, veterans groups, and tribal groups who have less than 500 employees are eligible for the program. Certain businesses that have more than 500 employees can still be eligible for the program if they meet the SBA's size standards.
Funds provided by the program can be used for payroll and to pay interest on mortgages, rent, and utilities. The funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, utilities, and debt obligations that occurred before February 15th, 2020.
It is currently unknown when more grant funding will become available to small businesses. Congressman Latta stated that it's possible that grants would not be made available until after the election.
