| 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 |
