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SBA Covid-19 assistance

 
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Deirdre
Czarina Emeritus


Joined: 10 Nov 2004
Posts: 13016
Location: East Jesus, Maine

PostPosted: Fri Apr 03, 2020 9:48 am    Post subject: SBA Covid-19 assistance Reply with quote

If you are a small business that pays salaries, you can apply for the Paycheck Protection Program PPP today. (Sole proprietors and independent contractors may apply starting April 10)
This one is administered thru local banks. CALL YOUR BANK! Mine isn't on the SBA map, but they are handling these PPP loans. You can get 250% of your monthly payroll costs.
"Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees."

Here's how banks are rolling out their administration of the PPP:
Current LENDING CUSTOMERS are being served first, as they already have been vetted by the bank. DEPOSIT customers will be in second position, with non-lending, non-deposit customers being served last.

General info here:
https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf

Application info here:
https://about.bankofamerica.com/promo/assistance/latest-updates-from-bank-of-america-coronavirus/small-business-assistance
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Bruce
Boardmeister


Joined: 06 Jun 2005
Posts: 7921
Location: Portland, OR

PostPosted: Fri Apr 03, 2020 10:34 am    Post subject: Reply with quote

Thanks for the info DB! I almost wish I had employees to pay so I could take advantage of this part of the program.

SAG/AFTRA is having a "how to file for unemployment" video seminar next week. First note on seeking unemployment pay is have patience. With 10 million folks seeking funding so far this month phone lines and online application sites are maxed out.


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