COVID-19 Emergency Loans for Small Businesses – FAQs

Frequently asked questions about Greene County Loans

Q:

What kinds of businesses are eligible for the COVID-19 Emergency Loan Program?

A: For-profit businesses of all types with 10 full-time equivalent employees or fewer that do not have existing loans with Greene County and/or the Greene County Economic Development Corporation are eligible for Emergency Loan assistance.
Q:

Can a business that received the PPP still apply for a loan through the county?

A: The PPP does not affect eligibility for our Emergency Loan, but our loan can’t be used for anything paid for by the PPP or another SBA program.
Q:

Can someone with an existing County loan apply for the Emergency Loan?

A: No. CDBG rules do not allow us to count the same employment for both loans.
Q:

Are sole proprietors eligible? What about LLCs that employ only the owner?

A: If the sole proprietor or LLC’s owner can meet the low-moderate income threshold on the Family Income Form, the business is eligible. If the sole proprietor cannot meet the threshold, eligible employee(s), if any, will be required in order to meet the 51% low-to-moderate income employee(s) requirement. There has to be a Greene County resident associated with the application that is a low-moderate income person based on the Family Income Form in the application. If it is an employee, the employee will complete the form and certify their status.
Q:

Why is employment required?

A: Greene County is using existing Community Development Block Grant (CDBG) funds that it had available for this program. These funds come with Federal requirements that have not been waived, and therefore are required for these loans.
Q:

How long is the employment required to be maintained?

A: The project period for the employee is the period of the loan.
Q:

Why is a commitment date necessary?

A: We are aware that the commitment date for the business opening will have to be flexible for non-essential businesses currently under shutdown orders. All of the paperwork for the business may be prepared in anticipation of the opening, though loan closing may only occur after re-opening.
Q:

Can a business apply for both loans?

A: Generally not. The Emergency Loans are for businesses that need capital to return to functioning, while the Microenterprise loans are for businesses that are functioning and looking to expand.
Q:

Is any part of the loan forgivable?

A: No. Our loans are not forgivable. They are zero-interest loans with the principal fully repaid after a six-month deferment.
Q:

Does the signature need to be notarized?

A: Yes, however, if you cannot get the signature notarized for the application, please submit the application and a notarized signature will be obtained at the closing.
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