At PR Companies, we applied for a business loan from the Paycheck Protection Program (PPP). The PPP loan was established by the US Federal government’s Coronavirus Aid, Relief, and Economic Security Act to help businesses continue paying workers during the ongoing pandemic crisis.
After following the strict guidelines set forth through our banking partner, Bank of America, and completing all formulas required by the PPP application, our companies were approved for the second to last tier of PPP loan amounts ($350,000-$1 million). The loan approval gave us the opportunity to supply 2.5 months’ worth of payroll costs for forty-nine of our employees. As an essential business to the community’s workforce development, it was critical that we kept our employees on the payroll. In turn, we were able to continue supplying local businesses with employees and fulfill their payroll requirements.
We are grateful for our loan approval. It allowed us to preserve jobs within our company and provide employees with numerous essential jobs in the community, including local testers for COVID-19 test centers. In addition, we were able to supply local clients with the necessary paperwork to satisfy their own PPP loan applications. In total, the PPP loan saved over 13,000 jobs from 232 businesses impacted by the coronavirus in Houston County. PR Companies are proud to serve the community during this uncertain time and we look forward to the continued partnership with local businesses to sustain our economy.
If you're currently not working with a professional employee organization (PEO) and want to streamline your companies internal human resources functions, then contact us today!
Also, don't forget to download our eBook: Cyber Risk Management Training Tips to Protect Your Company. If you haven't visited our Resources Page please do, as we have a library full of very useful guides, eBooks, and other resources aimed at helping businesses make sound decisions for their company and their employees.
