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April 3, 2020

Broadway Limited Imports encourages all companies within the hobby industry to learn more about the PPP, part of the CARES Act. Taking advantage of this resource could play a vital role in helping your business to weather the COVID-19 storm without losing employees and ultimately allow the hobby industry to operate in the most healthy way possible moving forward. Applications are being accepted by most FDIC insured banks who are SBA loan processors--you would apply with the bank with which you already do business. BLI applied this morning through Bank of America online. The PPP is particularly powerful because the loan of up to 2.5x your average monthly payroll expenses can be fully forgiven provided that businesses keep employees on payroll or rehire them by June 30.

 

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.