During our April 1 Virtual Town Hall Floral Roundtable (see summary below), we shared that in the United States the application for small-business financial relief as a result of COVID-19 will open April 3.
Some news media, including Politico and the Wall Street Journal (WSJ), have reported that some banks have questions and may not yet be prepared to administer loans. The WSJ reported April 2 that banks say they are struggling to understand how to make these loans eligible for a government guarantee. The WSJ further reports “Business owners can begin applying on Friday for the loans, which are forgivable if they keep their workforce largely intact and use the loans for eligible expenses such as rent and utilities. Many details of the program remain unclear, which is complicating efforts by lenders to gear up for what is expected to be an onslaught of prospective borrowers at the end of this week.” PMA will provide updates to members as we have them.
Fresh Produce and Floral Industry Members Connect on Latest COVID-19 Disruptions: Global Cut Floral & Potted Plant Market Update
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