The National Association of Hispanic Publications (NAHP) and the United States Hispanic Chamber of Commerce (USHCC) organized a webinar on April 16 about accessing COVID-19 resources including information about the CARES Act and the Paycheck Protection Program.
The webinar was introduced and hosted by Ricardo Hurtado, President & CEO of Hispanic Media. The event was held with the participation of USCHCC important personalities: C LeRoy Cavazos-Reyna, Vice President of Government and International Affairs; Ramiro Cavazos, President and CEO, and Brianna Dimas, Vice President of Programs and Communications.
The Paycheck Protection Program (PPP)is a loan program that originated from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Although a significant amount of business owners have benefited from this program, there are still many doubts about how it works. These were the issues highlighted at the webinar:
There are no specific qualifications for this program.
All small businesses are eligible. The only condition is the funding available. It´s retroactive from February 15, 2020, to June 1st. The funding you receive depends on your payroll how much you have been affected. The month the coronavirus impacted is considered to see if the retroactive applies to your case.
You can read: Social distancing may be extended until 2022 in the U.S.
The Paycheck Protection Program (PPP) is being replenished with more funding at the moment.
Although currently, the program is not taking applications, it will complete the process of replenishment by some time early next week. Business owners must keep applying for this program.
This program was designed so that people can remain with their current employers.
75% of the loan has to be used for payroll purposes. The other 25% can be used to keep the business in operative conditions.
If you are approved for a $100.000 loan, $75.000 must go to your payroll, the other $25.000 can be used to keep your business open, to buy stuff for your business to be operational. The last thing we want for businesses is to use this money the wrong way.
Business owners may get technical assistance
If business owners don´t how to use a computer or don´t have internet access, they can get in touch with their local Hispanic chamber. They are providing technical assistance for these cases. We are working with our telecommunication partners to make sure that internet service is available in low minority income communities and to Hispanic businesses.
Contracted employees are able to apply for the Payment Protection Program with the form 1099.
A contracted employee qualifies if that person remains in the payroll since 2019. We are working with the treasury to open this rule a little bit, because it is a proven fact that Hispanic businesses operate in a great part by contracting employees so the program may become more inclusive.
The PPP program does not have fees.
Publishers and educational organizations of small business communities must fight misinformation about extra payments. There are no fees attached to this program
$10.000 advance loan
If you have been approved for the PPP for $100.00, you can ask our treasury to expedite $10.000 while they process the other $90.000.
The webinar closing remarks stressed the importance for publishers and Latino business owners to keep faithful and united for overcoming the current situation.