Rexburg Area Chamber of Commerce

Dear Members and friends,

Congress’ approval of $350 billion in emergency loans for small businesses aims to help keep workers employed. In fact, if small businesses maintain or later restore their payrolls, they may not have to prepay some – or possibly any – of the loan.

You are eligible for these emergency loans if you are:

• A small business with fewer than 500 employees
• A small business that otherwise meets the SBA’s size standard
• A 501(c)(3) with fewer than 500 employees
• An individual who operates as a sole proprietor
• An individual who operates as a independent contractor
• An individual who is self-employed who regularly carries on any trade or business
• A Tribal business concern that meets the SBA size standard
• A 501(c)(19) Veterans Organization that meets the SBA size standard

In addition, some special rules may make you eligible:

• If you are in the accommodation and food services sector (NAICS 72), the 500-employee rule is applied on a per physical location basis
• If you are operating as a franchise or receive financial assistance from an approved Small Business Investment Company the normal affiliation rules do not apply

For an in-depth look at what lenders look for, refer to this guide and checklist from the U.S. Chamber of Commerce. As we learn more about relief for small businesses we will continue to share the most up-to-date information possible.

We are here for you.

Sincerely,

Christopher J. Mann
CEO/President