The federal stimulus bill will provide $350 billion in loans to small businesses, but that allocation could increase, Rep. Tom Reed said during his media call Tuesday.

“It is very clear to me that there is broad bipartisan support for upping that $350 billion limit,” Reed said. “We are seeing the need for that to increase. I’m very confident in telling you that I can see, in short order, that concern about that limitation on the Paycheck Protection Program being addressed.”

Reed, whose district includes the Greater Olean area, said the question of what will happen when the $350 billion limit is reached is one of the main concerns his office has heard from lending institutions and small businesses.

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The congressman said he suggests small businesses and individuals have three critical pieces of information and documentation prepared when calling to apply for the loan: their most recent tax return, most recent payroll tax return—form 981— and a monthly expense report.

“That information, if you compile it, will serve you well in regards to showing up in that meeting… with that lending organization to be able to answer the questions that are required for this loan application, and also the documentation that is necessary in order to get the loan application reviewed and approved,” he said.

Small businesses and individuals can obtain further assistance by visiting Reed’s website or calling his office.

For more information on the Coronavirus in the Greater Olean area, visit TAPinto Greater Olean's Coronavirus Updates page, which is updated continuously.

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