Following is a recap of the Paycheck Protection Program for small businesses.  Click on the link below for more details.
·         An amount 2.5 times the average monthly 2019 payroll costs may be lent to the borrower
·         Loan will be provided by SBA eligible lenders
·         The business must have less than 500 employees
·         501(c)(3), sole proprietors and independent contractors are eligible
REQUIRED:
·         Provide a good faith certification that you need the money to support operations

·         Use the funds to retain employees and maintain payroll or make mortgage lease or utility payment

·         You may not have another loan pending for the same purpose

·         From 2/15/20 to 12/31/20, the borrower has not received another loan for the same purpose

·         Supply required documents such as payroll tax filings, Forms 1099-MISC, and income and expense reports

WHAT IS NOT REQUIRED:

·         A personal guarantee is not required for the loan

·         No collateral is required for the loan

YOU MAY BE ELIGIBLE FOR LOAN FORGIVENESS IF:

·         You maintain your workforce for 8 weeks beginning on the date of the loan origination

·         Loan proceeds were used for payroll, mortgage interest payments, rent, utilities and/or additional wages paid to tipped employees

THE AMOUNT OF FORGIVENESS COULD BE REDUCED:

·         If there is a reduction in the number of employees

·         If there is a reduction of more than 25% of wages paid to employees

For more information, click on the link below or contact our office at 516-409-1120.

https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf

By Christine A. Murphy, EA