We are following closely the new CARES Act that should be signed into law late today or tomorrow. This chart will help you decide if you would qualify and also help you understand the “Payroll Protection Program” loan. If you need our help in calculating the “average monthly payroll costs”, please give us a call.
The Economic Injury Disaster Loan (EIDL) Program is the program that is already in place from the first Act passed and is a loan that you apply directly to the SBA. This one is a little harder to apply for just because of the SBA website continuously crashing. Although they are working on the site to try and accommodate the applicants. We hope to have the application by next Wednesday.
You do have to apply for this with a bank that is SBA approved. There is a loan forgiveness portion of the Payroll Protection Program. Once you are approved and receive the funds, you will need to fill out another application with proof that you paid for payroll and certain operating expenses. The forgiveness portion of the loan will not be considered income.
We will continue to inform you about the new law changes as the information becomes available to us.
Check our Facebook page for updates as things progress.
