City Providing COVID-19 Relief to Small Businesses in the Form of Loans | News, Sports, Jobs
The city administration has a program in place to help small businesses in Williamsport affected by COVID-19 with loans – but few businesses have taken advantage of the opportunity.
Businesses affected by the pandemic should see if they qualify for loans, which are $ 5,000 to $ 50,000, said Mayor Derek Slaughter.
Candidates for the city have been slim but are picking up.
“Two companies applied and one qualified”, Slaughter responded to a question about the number of businesses that have applied for business loans.
City Councilor Adam Yoder asked Slaughter about the pace and said he was concerned the process was initially onerous on the candidates.
The slaughter said the city “Removed the fat” or streamlined while following government guidelines.
Skip Memmi, who recently accepted the post of city manager of the Community and Economic Development Department, is in charge of the loan application, Slaughter said.
According to the city’s web page, the loans are intended for businesses with fewer than 100 employees who operate in the city and need assistance. The loans are intended for qualifying small businesses to help them overcome the temporary loss of income they experience. These loans can be used to pay off fixed debts, salaries, accounts payable, and other bills that cannot be paid due to the impact of the disaster.
The business must create or maintain a full-time job for every $ 10,000 of assistance or a part-time job to be created or maintained for every $ 5,000 of assistance. The loan term is 10 years with deferred payments for the first two years without penalty for prepayment of the loan, the page said.