SBA Payroll Protection Program (Coronavirus Disaster Loans)
There are several disaster loan provisions related to Coronavirus. The SBA Payroll Protection Program is part of the CARES ACT signed into law on March 27, 2020.
Here is a great article on the topic:
LINKS TO SBA Resources:
This is really sweet deal for those who are eligible. Here are the salient points:
1) Your business can get a loan mainly to cover payroll expenses with a pretty simple application as far as applications go.
Review the app and gather all info so you can be ready to go on April 3, 2020 when the program starts. (There will be a long virtual line)
2) The loan amount is 2.5X the average monthly payroll for 2019 (this is the case for most businesses; SEE...