Payroll Protection Plan loans available

Small business owners can now apply for loans to cover payroll costs.

The studio with more deatils.

Callihan.

Kristen- today is technically the first day small businesses can apply for the payroll protection plan loan program, which is the governemnt's small business relief program.

You can do that online.

But if you're going to your bank to apply, do it on monday, because will be getting ready for this throughout the weekend.

This is for small businesses with less than 500 employees.

All you do is take your average monthly payroll, multiply it by two and half...and that is the maximum amount you can apply for.

When you get the loan...you can do whatever you would like, but it can be forgiven if you do this.

Dziekan says: "you spend them on payroll costs, occupancy costs, rent, mortgage interest, utilities and maintain your employer levels the loan is forgiven it's treated like a grant, it doesn't have to be repaid back, nor do you have to pay any taxes on it."

Jake-on says if you don't use it on any of these things, you'll have to repay it back over two years at one percent interest.

If you don't want to do that, just make sure you maintain your employees.

If interested, just go to your bank... they will start accepting applications on monday...as far as when you'll get that money, that depends on when the sba releases those funds.

We'll have a link to the online application at our website, wktv dot com.

Kristen.