The CARES Act provides small businesses a forgivable loan through the Small Business Administration (SBA). The SBA released the following reminder summary to assist in applying for a loan.
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
The Paycheck Protection Program (PPP) loan can help small business retain employees and stay afloat. Your company may be eligible for the loan if your company has fewer than 500 employees and was in business as of February 15, 2020. Nonprofits, sole proprietors, people who are self-employed, and people who make their income as independent contractors are also eligible.
As a result of the Coronavirus pandemic, there has been a flurry of new legislation and multiple new programs to assist businesses and individuals. Some of the legislation and programs include tax law changes, government supported business loans, employee retention, paid sick leave, and expanded unemployment. Below is a brief summary of some of the most significant changes followed by useful links to government agencies administering the new programs.
To our valued clients and friends:
At Bormel, Grice & Huyett, P.A., we are committed to serving your needs while considering the health and well-being of our employees. While it is not business as usual, we want to assure you that we are working diligently to serve the needs of our clients.