Your Business and Employees Matter
The Federal Government has approved the SBA CARES Act to help provide relief to small business impacted by the economic crisis caused by the Coronavirus (COVID-19). As part of the relief effort, the Paycheck Protection Program (PPP) is designed to be a quick funded loan to help keep their workers employed.
All loan terms will be the same for everyone
- The loan amounts will be forgiven as long as
- loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
- Employee and compensation levels are maintained.
- Payroll costs are capped at $100,000 on an annualized basis for each employee.
- Loan payments will be deferred for 6 months
Who is eligible?
- Small businesses with less than 500 employees (including self-employed, sole proprietors, and independent contractors)
- Private non-profit or 501 (c)(19) veterans organizations
- Business exceeding 500 employees may be eligible if they meet the SBA size standards for the respective industry
- Small businesses in the hospitality and food industry with more than one location can also be eligible at the individual store/location level if the store/location employs less than 500 employees
Small businesses and sole proprietors can apply for and receive loans to cover their payroll and other certain expenses from April 3, 2020
Independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses from April 10, 2020
More information on the Paycheck Protection Program