GRAND ISLAND - As the COVID-19 federal Paycheck Protection Program expires for small businesses across the country, the City of Grand Island, The Grand Island Area Economic Development Corporation and the Central Nebraska Growth Foundation now offers emergency loans for small businesses.

"As we look at the payment protection plan ending from the federal government real soon, we hope that we can help businesses get over this hump that we're experiencing," said Dave Taylor, President of The Grand Island Area Economic Development Corporation.

The Revolving Loan Fund is an existing program from the city, but the two organizations will add matching dollars to help provide sustainability for Grand Island businesses moving forward.

"As we go through phase I, phase II and phase III of our recovery, there's going to be more tough decisions made and we hope that these loans will help ease some of those decisions," said Dave Taylor.

About $340,000 dollars will be available to assist in recovery, with a maximum of 22,500 dollars for each business. Any operation with 2 to 49 employees is eligible.

"What do we need to do to protect our customers and our employees and that's going to be the biggest challenge that they have in addition to working 50 percent instead of being able to ramp up to 100, still potentially having the bills."

The money can be used for employee retention or anyway that the owner sees fit. 10 businesses have already applied for the emergency fund. If you would like to fill out an application, visit The Grand Island Area Economic Development Corporation website.