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).
If you have not already contacted your bank to discuss the application process we suggest reaching out now as there is expected to be a backlog of applications when they start. Do not worry if you you aren’t able to submit your application immediately as they will continue to be processed through Tuesday, June 30th. But since funds for this program currently are capped, submitting as soon as possible is advisable. These loans will be forgiven assuming you maintain your current headcount through that date (effectively becoming a grant). If you have or will need to terminate employees, you may also still qualify for forgiveness with rehires by 6/30/2020. The forgiveness process will also be handled through the bank servicing your loan.
While each business owner should evaluate the impact of the Coronavirus on their business, it is expected that most businesses have seen a significant interruption to their business.
The Treasury Department has issued some helpful information through an information sheet you can find here.
For your convenience, we have included below our summary of the provisions of the CARES Act that impact business owners, which was highlighted in our email you should have received on March 30th. As always, we continue to research and learn details of the programs in real time as clarifications and details are made available through our network of industry professionals. Please don’t hesitate to reach out and discuss your situation or the program with us.
FOR BUSINESS OWNERS
What about loans for small businesses?
Under the Paycheck Protection Program, small businesses that have been impacted by COVID-19 with up to 500 employees will be eligible for loans provided by SBA-approved lenders (up to $10m depending on payroll costs and other factors). Some of the details are:
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