Thursday, 02 April 2020 12:37

Small Business Administration Offers Recovery Loan Fund

ALBANY — Bernard Paprocki, director of the U.S. Small Business Administration office that covers Albany, said the volume of calls they are getting is unprecedented as businesses shut down due to the coronavirus. 

His best advice for small businesses is to make sure the applications are precise and accurate. If your small business anticipates applying for SBA small business recovery loans be prepared. Compile information to document your monthly payroll costs. Include wages, tips, health care benefits and insurances for your employees over the last 12 months. 

These expenses will likely be the basis of calculating eligible funding amounts for loans and will help you be better prepared to apply as soon as program details are announced. Additionally, if anyone is looking for assistance and counseling on how to complete their SBA loan, please schedule an online counseling appointment with Albany’s Small Business Development Center or contact Service Corps of Retired Executives Bill Edwards at 518-893-7364.

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