We pulled together a list of links for information on the CARES Act and Paycheck Protection Program (PPP), as well as additional loans available for small businesses. Thank you to the financial advisor teams for providing this information.
OVERVIEW OF NEW LOANS AVAILABLE TO SMALL BUSINESSES:
- See guide at the bottom of the page. It gives a quick overview of where to go if you need capital to cover the cost of retaining employees (PPP) vs. a quick infusion of a smaller amount of cash to cover you right now vs. keeping up with payments on your current or potential SBA loan.
SMALL BUSINESS OWNER’S GUIDE TO THE CARES ACT:
RULES FOR PAYCHECK PROTECTION PROGRAM:
- Loan of up to 2.5x monthly payroll capped at $10 mil
- Some of the loan may be forgiven): rules for PPP are jointly being put out by SBA and Treasury Department
- Treasury Department FAQ: https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
- SBA Paycheck Protection Program: https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp#section-header-0
HOW TO GET THE LOAN:
- Top 100 SBA Lenders: https://www.sba.gov/article/2020/mar/02/100-most-active-sba-7a-lenders
- Sample form to apply for PPP: https://www.sba.gov/sites/default/files/2020-03/Borrower%20Paycheck%20Protection%20Program%20Application_0.pdf
- Economic Injury Disaster Loans (EIDL) and Emergency Economic Injury Grants: EIDL are lower interest loans up to $2 mil; emergency grants are up to $10k EIDL Online Application About: www.sba.gov/funding-programs/disaster-assistance
- Employee Retention Credit: up to 50% tax credit on up to $10k of employee wages, exception is small businesses who take small business loans:
- Tax Credits for Paid Sick and Family Leave (Families First Coronavirus Act): https://www.irs.gov/newsroom/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-and-midsize-businesses-faqs