Lubbock Chamber hosts webinar over paycheck protection forgivene - FOX34 Lubbock

Lubbock Chamber hosts webinar over paycheck protection forgiveness

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LUBBOCK, Texas -

The number one way to get a paycheck protection loans turned into a grant is to keep employees paid, regardless of whether they're working.

That's the biggest tip from experts. The Lubbock Chamber of Commerce held a webinar over paycheck protection forgiveness Thursday to answer questions and clear the air around the federal program.

Those loans are backed by the Small Business Administration and, as long as certain criteria are met, they'll be forgiven.

One banker says all employers should keep the name of the program in mind. 

"It's important to keep people's food on their table. Keep them making, continue making their payments, doing all of that wonderful stuff to help our economy. So the first thing I'm going to tell you, that if you have laid off anybody hire them back. If you've cut their salary get them back to where they were," Eduardo Sosa, with Commerce National Bank, said. "That will make your forgiveness process that much simpler."

If a business does receive a loan but doesn't qualify for forgiveness, it's considered a two year note at 1% interest.

Texas banks have approved more than $346,000 PPP loans, valued at more than $40.5 billion.

 

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