Action items:
April 3, 2020. Beginning application date for the new coronavirus business loan program. Sole-proprietors and independent contractors can begin applying April 10.
Time is of the essence. If used properly, some or all of these loans can be forgiven (free money?), but demand will be high.
Contact your bank or lending institution ASAP. This loan process is being handled by banks set up to handle SBA loans.
Go to www.sba.org to get details and application information.
Starting Friday, April 3, small businesses in the U.S. can apply for loans through the Small Business Administration (SBA) to help stay afloat during the COVID-19 pandemic.
The Paycheck Protection Program (PPP) provides loans of up to $10 million to qualified small businesses. Better still, some or all of the PPP loans will be forgiven if a business meets certain criteria.
Who Qualifies
If your business was open on or before February 15, 2020 and has 500 or fewer employees or independent contractors for whom the business paid salaries, compensation and payroll taxes, you qualify. Businesses with more than 500 employees are eligible in certain industries. One such example is the hospitality and food sectors that have multiple locations. These companies can have up to 500 employees per physical location.
Good faith certification required
In addition to the aforementioned qualification criteria, in order to participate in the PPP program a business is required to certify the following:
Attractive loan provisions
This loan has very few strings attached compared to other SBA loans.
How funds are used is important
These loans are meant to help your business stay afloat during the pandemic. In addition to using the funds for payroll you can use them for:
Loan forgiveness is the key
What makes this loan unique is that if you keep your employees hired, some or all of the loan will be forgiven. There are many parts to the calculation of the forgiveness, but the primary two are employee retention and at least 75% of the forgiven loan amount must be used for payroll.
But even if you lay off employees, there are clauses that allow you to rehire those employees.
Check with the source!
The rules and application of the rules is rapidly changing. So check with your bank and visit Small Business Administration paycheck program for more up-to-date information.
Last updated: 05/19/2022
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