Small business owners continue to have questions surrounding the Small Business Loan portion of the CARES Act.
The Executive Director of Legal Services of North Dakota says he’s applied without any hitches. Legal Services is a non-profit that gives legal assistance to low income and elderly North Dakotans.
Executive Director Richard LeMay says it was a fairly simple application, and the only caveat he knows of is a business has to have fewer than 500 employees to qualify.
He says as long as the loan is used for its intended purpose, to cover a business’s rent and utilities and to keep employees on the payroll, then it turns into a grant, and the business owner will not have to pay it back.
“We went back and looked at what our payroll statistics were for the last year, and they have a pretty simple form. And you just plug in the information, and it comes up with what you can apply for,” LeMay shared.
LeMay says he’s not quite sure when Legal Services will hear back about the application, but he expects it to be a quick turn-around. He added, if you’re self-employed, you’re more likely to qualify for unemployment as a gig-worker, a new type of claim available through Job Service North Dakota during the pandemic.