Economic stimulus loan program

Economic stimulus loan program

Impacted by the coronavirus.

Newschannel's caitlin irla tells us what qualifications you need and how to apply.

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None .

None "businesses are finding it hard to keep employment levels up or because of lack of business, keep the lights on keep the mortgage or lease payments up or utilities, etc."

It's called the economic stimulus loan program.

Half a million dollars is available.

The most a business could get is ten thousand dollars.

"a business could take less than that but we expect that with the 500 thousand dollars that we have that we would have that number of businesses at the 10-thousand-dollar level."

Standup - "to qualify, the business must of course be located here in the city of utica, have less than 25 employees and retain those employees throughout the pandemic."

"because the money is going to be used on a retention basis, they need to have low to moderate income employees within the business."

All loans will have zero interest.....and have the potential to convert into a grant if specific criteria is met.

"basically maintaining the employment level in particular of the low- moderate income employees."

So where does this money come from?

"we have it accumulated through existing cdbg loan funds but we're dedicating some funds out for the covid-10 stimulus package."

Spaeth says once an application is complete, you can email or mail it to him.

It should take one to two weeks for an approved business to receive the money.

You can find spaeth's contact information and a link to the application on wktv.com in utica, caitlin irla, news channel 2.

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