Help for small businesses continues to be a hot topic after the massive stimulus bill passed Friday, March 27th. Details of the available programs continue to be clarified but one of the programs for which we have fielded the most questions is the Payroll Protection Program. The Small Business Administration (SBA) has released the official application and will begin to process applications on Friday, April 3rd. These loans will typically be processed through an SBA approved bank (our experience has been that almost all banks of reasonable size are enrolled and will be processing these loans and applications).
When will I get my check? Checks are supposed to be produced “as rapidly as possible.” Mnuchin has hinted they will come in April, but it’s been suggested that could take up to two months. One thing that is true: if you use direct deposit, you’ll get your money faster.
Wait, how does a phaseout work?
As you likely have heard, in response to the unfolding COVID-19 global pandemic, Congress has passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the President signed it into law on March 27, 2020. It is a $2 trillion emergency fiscal stimulus package designed to help ease the impact of this health crisis on American workers, businesses and the economy. At Atlanta Financial, we have summarized the new law for you and tried to answer some frequently asked questions we hear from individuals as well as business owners.
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