Small businesses can apply for loans

Small businesses impacted by coronavirus can start applying for emergency loans to cover payroll and other costs, according to Treasury Department guidance.

The Treasury published fact sheets for lenders and borrowers for the $349 billion Paycheck Protection Program that was part of the $2.3 trillion economic lifeline package enacted March 27.

The program is relying on the Small Business Administration’s existing network of around 1,800 banks and credit unions in its Section 7(a) loan guaranty program to provide small businesses forgivable loans to cover payroll and other fixed costs. Small businesses and sole proprietorships could start applying Friday, April 3, for loans from existing SBA-approved lenders. Independent contractors and self-employed individuals can do the same starting April 10.

Nonprofit organizations can also apply.

Call list below for banks who can administer forgivable loans:

You do not need to put up collateral.

One will pay for two months of payroll, two months of rent and utilities. Or, you can apply for a $10,000 forgivable loan (can’t use both programs):

First Interstate Bank, Amy Berger, 541-617-3612, [email protected]

interstatebank.com.

MidOregon Credit Union, Mike Testerman, 541-585-1879, [email protected]

midoregon.com.

Wells Fargo Bank, Jessica Beck, 503-318-3988, [email protected]