Paycheck Protection Program FAQs For Small Businesses
01 Avril, 2020, 16:37 | Auteur: Yves Courtet
The SBA's Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. If you received an EIDL loan related to COVID-19 between January 31, 2020 and the date at which the PPP becomes available, you would be able to refinance the EIDL into the PPP for loan forgiveness purposes.
Q. "Forgivable", as in I don't have to pay back what I borrowed? However, there are still many unknowns about how exactly local businesses can take advantage of the benefits.
Those in Davidson, Putnam and Wilson counties are eligible for physical and economic injury disaster loans from the U.S. Small Business Administration.
The CARES Act also includes significant relief to small businesses - defined as 500 employees or less - and has relaxed eligibility criteria, allows nonprofits to take advantage of programs, and has almost $350 billion earmarked for employee retention. The maximum grant amount is $10,000.
Businesses can get a loan equal to their average monthly payroll multiplied by 2.5 plus certain outstanding loans.
Any business with 500 employees or fewer is eligible - including nonprofit organizations, self-employed individuals and independent contractors.
Hibben said there still are a lot of unknowns for eligible businesses because the country hasn't experienced anything like a global pandemic before.
Q. Are tax credits also in play? If you use the loan for payroll expenses (salaries, paid sick leave, group health insurance premiums), existing interest payments on mortgages, rent payments, leases, or utility bills, the loan will be forgiven in full.
"We've been on the phone with SBA - they've been great - but it's still not 100 percent clear", how soon the money will arrive, Rodger Levenson chief executive of WSFS, told the Philadelphia Inquirer. But the CARES Act allows Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza to open the program to other lenders with "the necessary qualifications to process, close, disburse and service loans". Loans made under this program are short-term debt loans, not grants. But part of the federal aid package approved by Congress is the "Paycheck Protection Program".
That prediction came Tuesday from senior administration officials who spoke to reporters about the details of the loan program.
Behind the scenes, conversations have begun with law enforcement partners around the country to ensure that the Small Business Administration's expansion of loans is disbursed to the people meant to receive the funding, according to a spokesman from the Office of the Inspector General.
Rose Treml, executive director of the Sycamore Chamber of Commerce, said the chamber continues to communicate with its members via email, phone calls and even text message as businesses keep looking for more information about the program.
The loans are immediately available through more than 800 SBA-certified lenders, Johnson said.
"We're waiting to hear exactly what the U.S. Small Business Association has in mind and how it's going to work", Treml said.
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