Florida Banks Rushing as Paycheck Protection Program Goes Online

TAMPA -- The only Floridian on the House Small Business Committee is urging business to quickly sign up for loans under the Paycheck Protection Program that started today (Friday).

Rep. Ross Spano (R-Dover), a former small business owner, says lawmakers have set aside a $350 billion fund to lend money to small businesses, to keep their workers on the job.

Spano says it gives small business owners, sole proprietors and gig workers the money they need to keep employees working. The loan is 250% of the monthly payroll, and if the business keeps payrolls intact, they don't have to pay the loan back.

Speaking on WFLA's AM Tampa Bay Friday morning, Spano says this loan doesn't require standard collateral or credit tests.

"What I don't want to see happen is for small businesses to give up, if this is the thing that... will keep the doors open," Spano said.

Banks were reportedly struggling to get the applications posted online, although one report says Bank of America has done so.

Listen to an interview with Ross Spano:

Photo: Getty Images

Sponsored Content

Sponsored Content

Cat Country 107.1 · Southwest Florida's #1 For New Country
Listen Now on iHeartRadio