This month, we wanted to reach out to all of our business clients. How are you holding up during these challenging times? Is there anything we can do for you?
Just a few reminders…
Have you applied for the Paycheck Protection Program yet? Or, do you anticipate applying in the near future?
Funded through the Small Business Association, the Paycheck Protection Program provides businesses with a loan to cover eight weeks’ worth of payroll and other expenses. The goal is to help your business remain viable during our current economic climate, and of course, to help your employees keep their own bills paid.
You can obtain a loan in the amount of 2.5 times your average monthly expenses, or $10 million, whichever is less.
If you follow guidelines correctly, 100 percent of your loan could be forgiven (you won’t have to pay it back)
You can qualify for Paycheck Protection if your business employs 500 or fewer workers, and you can demonstrate that the coronavirus pandemic has negatively impacted you economically.
As you might expect, numerous rules and regulations apply to both qualification for the program, and in order to have your loan forgiven. Since this is quite a chunk of change, you will want to follow those guidelines to the letter.
You can also apply for an Economic Injury Disaster Loan, for up to $10,000. This loan can also be forgiven in certain situations. And yes, you can apply for both programs, but you cannot use money from both programs toward the same purpose.
If you have questions about HR and Benefits during this ongoing situation, give us a call. We can help you identify solutions to the unique problems your business is facing.
Remember, we’re here for you! Sticking together makes us all stronger – so let us know if you need help with anything at this time.