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Small Business Development Center discusses Paycheck Protection Program package

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BINGHAMTON (WBNG) -- The Small Business Development Center at Binghamton University says the $900 billion relief bill, which was signed by President Trump at the end of December, will be instrumental in helping out small businesses.

The center explains the new package, which they say includes additional benefits, forgiveness, and up to a $2 million dollar loan.

They say this package is more tailored to small businesses, adding that some of the eligibility requirements have changed.

"They have to have 300 or fewer employees, a decrease from the first round. They have to have exhausted their first round of PPP or have exhausted before the second round," explained Michelle Catan, Senior Small Business Advisor at the SBDC, adding, "They have to show a 25% decrease in gross receipts."

The SBDC says the aid comes at an important time, as the first quarter begins.

They say that businesses are thankful to be receiving the aid, adding many are still struggling and need support.

The center also says that they are in constant contact with local businesses, especially when it comes to navigating through the new Paycheck Protection Program.

The SBDC encourages small businesses to reach out, should they need assistance. You can find more information here.

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