Applying for an SBA COVID-19 Paycheck Protection Program?
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.
The loan amounts will be forgiven as long as:
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The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made and
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Employee and compensation levels are maintained.
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Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to the likely high subscriptions, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
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Loan payments will be deferred for 6 months.
When can I apply?
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Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
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Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
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Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.
Where can I apply?
You can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. Visit www.sba.gov for a list of SBA lenders.
Who can apply?
All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries.
For more information, click HERE to download a document with specific details.
Slack User? Seeking New Tool to Manage Dispersed Workforce?
Last month, Slack, a tool that helps bring remote teams together, rolled out a macOS update for the team communications tool. If you are using Slack, or seeking a tool to help keep your far-flung team connected during this pandemic, consider investigating these new options.
Updates to search, conversations and new navigation tools, sidebar and shortcuts will make help you to be more efficient and allow you to improve how you organize work channels, private messages and interactions on the app.
If you need advice or assistance setting up Slack or other tools for your remote workforce, arobasegroup can help.
Apple’s Coronavirus Screening App
Apple released a coronavirus screening app in partnership with the CDC. If you think you have symptoms of the virus, you can use this tool to help. Wishing you the best as we all get through this pandemic together.
If you are considering relying on remote conference and communication platforms for meetings and/or day-to-day work, arobasegroup can help. We support zoom, Microsoft Teams, Slack and others, and we are ready to assist you in selecting the best tool for your team. We can deploy these tools and train your staff in no time. Please contact us if you have any questions: help@arobasegroup.com or 404.229.3118.
About arobasegroup
arobasegroup has been consulting with clients and advising the best use of Apple Technology since 1998. We listen to our customers and solve problems by addressing their specific, unique needs; we never rely on a one-size-fits-all solution or require them to use a specific product. arobasegroup is your advocate in all things related to information technology. Contact us to learn how we can help: info@arobasegroup.com.