Paycheck Protection program
The SBA has just released the application for the Paycheck Protection program. This program is for a forgivable loan to help small businesses and self-employed to help pay for payroll, health insurance, rent, and utilities. I have attached a link to the application and an information sheet.
Here is the link for the application: Paycheck Protection Program application
PLEASE READ THIS INFORMATION SHEET BEFORE YOU FILL OUT THE FORM OR CONTACT US: accompanying borrower guide
The application will be submitted to your bank. So you will need to contact them. The banks are supposed to start taking applications ON 4/3.
THIS PROGRAM WILL BE IN HEAVY DEMAND SO YOU SHOULD APPLY ASAP
SBA Loans and Grants Programs
As COVID-19 continues to progress in the United States, we know that this situation can be especially hard on small businesses. On behalf of everyone at Robert P Russo CPA PC, we’re here for you during this tough time.
With the passage of the CARES ACT, signed into law on March 27, 2020, the SBA has launched a new program to allow faster access to funds with less documentation. The application process is entirely online and it’s now quicker and easier to get the assistance your business needs. Go to https://covid19relief.sba.gov to apply now.
It allows you to apply for a $10,000 tax-free grant and loan. It is fairly simple to fill out with little documentation. Also, small business owners can access up to $2 million through an Economic Injury Disaster Loan (EIDL) with an interest rate no higher than 4%. There are no upfront fees or early payment penalties. Repayment terms are determined by a small business’ ability to repay the loan, with terms up to 30 years.
By Friday 4/3 the SBA will be rolling out another Relief program call the Payroll Protection Program. This will offer forgivable loans up to $2 million dollars. We will have more information on this as it becomes available.
Read all our Coronavirus updates as information becomes available.