You may or may not have heard, but the Coronavirus Aid, Relief, and Economic Security (CARES) Act has allocated $350 billion to help small businesses keep their staff employed during this difficult period we are all facing. The Paycheck Protection Program will provide 100% federally guaranteed loans to small businesses.
What does this mean for you? While details are still emerging, we do have some information. You can use any bank that offers Small Business Administration (SBA) loans, and these loans may be forgiven if you can maintain your payroll throughout the crisis.
There are several additional provisions to help you receive financial relief, including:
- Delay of payroll taxes
- Alternative Minimum Tax (AMT) relief
- Increased business interest deductions
- Worker retention tax credits
- Refundable tax credits for sick leave
If have more questions about if you are eligible, what lenders are looking for and how much you can borrow, you can reference this guide. Feel free to reach out to us directly as well.
As we receive more updates and information, we’ll continue to update this page, send out email blasts, and make social media posts. Stay safe and well!