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The Paycheck Protection Program and Manufacturers

The Paycheck Protection Program And Manufacturers

Manufacturers want to know more about the Paycheck Protection Program (PPP), a nearly $350-billion loan program that’s part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Yet most of what they’ll hear about PPP isn’t aimed at them. That’s why FuzeHub, the statewide Manufacturing Extension Partnership Center (MEP) for New York State, is talking about what PPP means for NYS manufacturers and sharing some expert insights.
Last week, FuzeHub spoke with attorney Benjamin Farber of Phillips Lytle, a full-service law firm serving the United States and Canada right from Albany, New York. Ben shared his knowledge of PPP with Steve Melito, Solutions Specialist for FuzeHub and host of its NYS Manufacturing Now Podcast. In less than 15 minutes, Ben explained what NYS manufacturers need to know about PPP, a COVID-19 related loan program for which many small-to-medium manufacturers are eligible.
The topics that Ben covers include loan conditions, amounts, interest rates, payment terms, collateral, and personal liability. Loan documentation, certification, and manufacturing-specific considerations such as overtime are also part of the conversation. Importantly, manufacturers can learn how much of a loan can be forgiven and the conditions for loan forgiveness. Click play below to listen in on FuzeHub’s PPP interview with Ben Farber.

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