The most recent COVID-19 relief legislation, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), includes relief for small businesses through Small Business Association (SBA) loans, under the section called the Paycheck Protection Program (PPP). While Employers Council cannot give loan or financial advice, we want to make sure that we continue to be of assistance during this time. To that end, we put together these links for information regarding the Paycheck Protection Program. We hope this information is helpful.
- This Forbes article helps lay out the two types of loans to apply for under the CARES Act.
- The $10,000 disaster loan appears to reduce the amount of PPP you receive, but perhaps the money would come in the door more quickly.
- To make sure you have fewer than 500 employees, here is the affiliation test.
- Here is the SBA PPP application. If you are choosing to request a loan, we recommend you fill out now to take to your lender, as you can only file through June.
- The SBA is approving more and more lenders – check with your bank to see if they have applied to be a lender for the PPP since the money will need to come through a lender.
We hope this information is helpful.