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:
Think the CARES Act Money Will Come Quickly? Don't Count on It
LINKS TO SBA Resources:
Paycheck Protection Program FAQs for Small Businesses
SBA Paycheck Protection Program (PPP) OVERVIEW
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.
Paycheck Protection Program Application Form (SAMPLE)
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...
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