MARYVILLE, Mo. — As the federal government considers another relief bill, the CARES Act, passed in March, provided a much-needed lifeline to individuals and businesses, including several businesses in Maryville.
Part of the CARES Act was the Payroll Protection Program, a loan program for small businesses to help keep employees on the payroll.
As long as businesses keep employees on the payroll for eight weeks, the loan, which can be used for payroll, rent, mortgage interest or utilities, will not have to be repaid.
“I likely … would’ve had to ask at least a couple of staff to stay home, if not do some sort of rotation,” said Matt Gaarder, owner of Rapid Elite in Maryville.
Gaarder said that the process through Nodaway Valley Bank was relatively smooth, and within days from the inception of the loan program, money was in his account.
“Honestly for us it was very simple,” he said. “Nodaway Valley Bank is who we work with, and they were absolutely tremendous in being ready and being on top of it.”
That was an experience shared by Northwest Audio Visual as well.
“It was definitely quick,” said co-founder and CFO Gentry Martin. “And it sounds like that’s kind of how the money went. Early bird got the worm, and we happened to be one of the early birds.”
Many businesses across the country still have not received their loans, but millions of dollars in PPP loans were issued in northwest Missouri to small businesses.
Without that assistance, Gaarder, who said his revenue was down 40 percent in April, said, “it would’ve been a challenge,” to keep everyone on payroll.
“The payroll protection allowed us to keep staff on payroll who we would not have been able to keep on payroll, for sure,” Martin said of his own business.
Nationally, the program provided about $670 billion in federally guaranteed loans. A bill passed by the House last week would expand the program as part of a larger $3 trillion package, and extend the PPP to a 24-week period.