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Stimulus Loans Could Be a $350B Payroll Lifeline for Small Businesses

In many cases the loans are forgivable.

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The stimulus bill signed into law by President Donald Trump last week includes $350 billion in loans for small businesses.

The loan provisions, known as the Paycheck Protection Program, are part of an overall relief package worth $2 trillion, Inc. notes. The goal is to provide individuals and businesses an economic lifeline during the COVID-19 crisis.

The loans are meant to cover up to 10 weeks of payroll expenses, up to a maximum of $10 million.  The money could be available within two weeks.

Inc. notes that the loans “can be converted into forgivable grants so long as the company doesn’t lay off employees.”

More details of the program are available here.

For more information on getting through these times, check out our COVID-19 Resource Center.

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This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”

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