SMALL BUSINESS SUCCESS
SBA “Paycheck Protection” Loan Program under the CARES Act
As we work with our clients to navigate through today’s uncharted waters, I wanted to pass along any information that could help stabilize any small/mid-size company – Right Now.
What You Need to Know about the SBA “Paycheck Protection” Loan Program under the CARES Act.
Here is what you need to know and why you must respond quickly if you want to obtain this funding:
1. The CARES act passed by Congress on March 27, 2020, contains a provision called the Payroll
2. This is a forgivable loan if you spend the money before June 30, 2020, on payroll, interest,
rent, and utilities.
3. The loan is non-recourse.
4. You have to put up no collateral.
5. You are allowed to borrow 2.5 times your average monthly payroll.
6. Any part of the loan not forgiven is amortized over 10 yr at a maximum of 4% interest.
7. The loan is made by your bank but backed by the SBA.
8. To be eligible you must simply prove you were in business Feb 15, 2020.
9. Any part of the loan forgiven is tax-free and not included in your gross income.
MOST URGENT ITEM TO UNDERSTAND: These loans, SBA “Paycheck Protection” Loan Program, are first come first served. Once loans have been approved up to the appropriated amount in the CARES act, the program ends unless congress does another appropriation.
Please let us know if you would like to obtain a copy of our CARES Act Payroll Protection application preparation document. We will be more than happy to share it – Free.
These are crazy times, we have to be on our games every minute of every day as we adjust to the “new normal” of business ownership. With over 35 years of experience with Fortune 500 companies, as well as startups, I have helped to weather many business storms throughout my career, and it is my mission to help leaders from businesses of all sizes to maximize profits and grow your business. Please contact me for a complimentary meeting.
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