Struggling small businesses can start applying for new loans

WELLS RIVER, Vt. (WCAX) Small businesses can begin applying for new loans to help cover costs during the ongoing pandemic.

The Wells River Savings Bank says it is currently working with a list of about 30 businesses that are looking to apply for the loans.

Officials say the loans, made available through U.S. Small Business Association, can cover payroll costs and can be fully forgiven if certain guidelines are met.

The money is part of a $349 billion loan program package made possible through the recently signed CARES Act.

"I've read about five different summaries of the bill and each of them have a little nugget, but it will be a good bill for most of the businesses that apply," said Frank Tilghman, the CEO of the Wells River Savings Bank.

Bank officials say other emergency loans will also be available to small businesses if and when a federal disaster declaration is granted.