Northside Chamber members,

I hope you are all doing okay as we end week 3 of the more stringent guidelines and widespread closings. As for me, I'm balancing childcare for my 5-year-old on top of directing the chamber, but am feeling fortunate that COVID-19 hasn't affected me too negatively so that I can be fully committed to doing what a chamber SHOULD do at a time like this, which is to put extra effort into supporting the business community and the chamber's members.

Here's a recent photo to help your weekend start off with a smile (my daughter Nora, 5 years old, and my dog Tilly, 12 years old):

On the evening before lenders could begin accepting applications, the SBA published its Interim Final Rule announcing the Paycheck Protection Program. The entire rule is available online.

Chamber member Tucker Arensberg Attorneys has written a great article that summarizes the changes made by the rule. It is available here.

Significant Differences between CARES Act (PPP) and the Interim Final Rule:

• Term: 2 years instead of possible maximum term of 10 years;
• Forgiveness: 75% of loan proceeds must be used for payroll costs;
• Deferral: 6 months instead of possible 12 months;
• Interest: 1% instead of maximum amount 4%;
• Borrowers can only apply for one PPP loan; and
• Potential liability for misuse of funds.

Also, a few notes from recent calls and communication that I've had:

• As mentioned earlier this week, you will borrow through a bank and not through the SBA. Local lenders that will offer this program that are members of the Northside Chamber are Huntington Bank, First National Bank and KeyBank. If you do not have contacts at these banks, reach out to me and I can make a connection.
• Keep in mind that this has been a VERY quick-moving program and that banks are working beyond capacity to service these loans. They are prioritizing current customers, but are working their hardest to assist you. Please thank them when you have a chance!