CARES Act Paycheck Protection Program - Apply NOW!
Friday, April 03, 2020
We are continuing to get more information about Federal programs that you need to know about now. We know it feels like you are being inundated with information and we are trying to send only these items that we feel you need to know immediately, particularly related to important programs that can put relief dollars into your businesses during this time of great economic uncertainty.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted into law in the last week. The Act allocates $350 billion to help small businesses keep workers employed amid the COVID-19 pandemic. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.
Applications open tomorrow, April 3, 2020. These funds are allocated on a first come, first serve basis. Business and non-profits throughout the entire country will be applying and funds are expected to be depleted within days. Please contact your local lender as soon as possible – THE TIME TO APPLY FOR THESE FUNDS IS NOW.
Key information on the Paycheck Protection Program (PPP)
- Small businesses and 501(c)(3)s with fewer than 500 employees can apply.
- Loans can be up to 2.5 x the borrower’s average monthly payroll costs, not to exceed $10 million.
- Borrowers are eligible to have their loans forgiven or reduced if they maintain payrolls during the crisis or restore their payrolls before the review period.
Act now to apply
- Determine if you qualify
- Download PPP Information Fact Sheet
- Download FAQs from the U.S. Chamber of Commerce
- Contact your lender today
- Loans can be obtained through SBA approved local lenders – many of the local lenders in our region are approved. Contact your lender today about the program.
- Be proactive
- Complete this brief 2-page PPP Application Form. Be proactive and fill out the form as soon as possible to expedite the process.
Additional resources for businesses are available through the CARES Act
Download a pdf guide from the U.S. Senate to learn more about the below programs including the SBA Economic Injury Disaster Loans.
- Emergency Economic Injury Grant: A quick infusion of a smaller amount of cash to cover you right now.
- Small Business Debt Relief Program: Ease your fears about maintaining payments on your current SBA loan.
- Small Business Tax Provisions: employers can receive payroll tax credits and deferral of employer portion of payroll taxes.
Please let us know if there is anything the we can do to further help assist you during these times. We will continue to inform you of timely information that we believe is important to our members.