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small business loan information (april 2nd)
For our small business clients, there are several options available to you regarding loans or payroll credits made available through the CARES act which was passed on Friday March 27, 2020. There are several options available from the SBA (Small Business Administration) to assist during this challenging time. It is important to note that you can participate in either the Economic Injury Disaster Loan Program or the Payroll Protection Program but not both. The PPP program administered through an SBA preferred bank (check with yours to see if they participate) provides an opportunity for the loan to be forgiven. If you have been listening to webinars or getting other information prior to Tuesday night, you may have heard that the portion of the loan not forgiven could be repaid over 10 years. That has been clarified to be due in 2 years but at a .50% rate (.005) which is practically zero. There are no personal guarantees needed. However, it may not be quite enough if you have been more significantly impacted and it may be better to consider the EIDL. Please note that the PPP loans will begin to be processed on Friday and we anticipate there will be quite a push to get the applications in quickly. This may be the only time that we say "only $349 billion" but if you think of all the CPAs, attorneys and bankers that are helping their small business clients across 50 states, the PPP loan money is likely to go fast.
Please reach out to us for help. We are working diligently to provide you with good information while staying safe ourselves and continuing to work on the 2019 tax work. We appreciate your patience as we work remotely, answer your questions and get our arms around a complex and rapidly changing business environment.
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
Paycheck Protection Program (PPP) Sample Application Form
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MEDCOM Solutions