With limited budget for expensive advertisements and marketing, employees are the face of any small business. They reflect the values and expectations of businesses; they are cheerleaders and representatives for these brands. Changes along the journey are expected, but these workers remain loyal and adapt to help their employers. Small in numbers but strong in attitude, the workforce of a small business is a family.
When the COVID-19 crisis began earlier this year, small businesses were highly vulnerable. Luckily, communities were inspired during this difficult time to support and shop locally. As they reopen their doors, local businesses remain at risk due to the uncertainty of the pandemic. In addition to the support of loyal customers, something that helps small businesses during a crisis is the Paycheck Protection Program, otherwise known as PPP loans. Employees are the focus of these loans, as it ensures they will continue receiving payment under any circumstances.
The SBA (Small Business Administration) created this loan system to encourage employee retention rates at small businesses. Maintaining a strong workforce allows businesses to survive, and this starts with paycheck security. Throughout the COVID-19 crisis, PPP loans incentivized businesses to continue paying employees. If they keep salaries and employed numbers consistent, loan forgiveness is granted to these businesses in order to reduce financial burden. With loan leniency and retention of valuable employees, PPP loans have contributed to keeping small businesses afloat through economic hardships.
As a community bank, Embassy understands that the survival of local businesses is essential. And this happens by maintaining their family of employees. For years, Embassy has provided assistance through the application process and implementation of PPP loans. As a top 10 SBA lender in Georgia, we are proud to support these vital businesses. As communities continue to navigate difficult times, Embassy is prepared to help along the way so small businesses can get through COVID-19 stronger than when they began.