MASON CITY, Iowa - Many small business owners are feeling a bit unsteady right now, not knowing if they'll be able to continue to stay in business through the pandemic.
While the Paycheck Protection Program was to provide some much needed relief, the funding for that has run dry. Now, business owners are scrambling to figure out what to do next.
During the Finance Friday seminar through NIACC's Pappajohn Center, panelists discussed what the loans can be used on, as well as what options are available now.
For employers, they may have confusion over whether they can use the loan for, such as backpayment of wages dating back to mid-February, and if the amount is forgiveable.
Brook Boehmler has been fielding a lot of questions in regards to the PPP, such as head count or total amount of employees.
"If I've got 20 FTEs, or part time people, or equivalents, how does that count? Can I bring on two part time people, one full time. Can I give my wife, who's a bookkeeper, a raise and double that up? That's the clarification."
In addition, other options were discussed like small business relief grants, which have been handed out. However, there are local incentives business owners can take advantage of.
"I want everyone to contact their local chamber of commerce. They work really hard to promote businesses in their community."
The Pappajohn Center has a hotline business owners can call for further questions, or to inquire about any programs. Contact the North Iowa Small Business help line at 641-422-4737.