(WYTV) – Ohio Sen. Rob Portman is urging small business owners to take advantage of a new program that was included in last week’s stimulus package.
It’s known as the SBA7 program, which would allow small business owners to apply for loans through their banks or credit unions, instead of hoping for funding from government agencies.
“It can be used for payroll. It can be used for paying rent, mortgages, can use for utilities, and if it’s used for those purposes, it’s forgiven. In other words, it becomes a grant, not a loan. This is gonna save a lot of small businesses, I think, from closing their doors,” he said.
Portman said the new program should be in place by early next week.