The unprecedented impact of COVID-19 has affected the world’s sense of safety and security. For individuals and business owners alike, the coronavirus has seemed to put life at a standstill, stalling the economy and even the ability to leave our homes.
While we can only guess when we will truly recover from these circumstances, there is pandemic relief in sight for small business owners. The recently approved Paycheck Protection Program (PPP) offers small business loans to pay employees during the COVID-19 crisis, up to $100,000 per employee.
This is but one of the initiatives created under the CARES (Coronavirus Aid, Relief, and Economic Security) Act. The forgivable loans under the PPP can also cover most mortgage interest, rent, and utility costs over the 8 week period after the loan is made.
Applications will be accepted beginning on April 3 for small businesses and sole proprietorships while independent contractors and self-employed individuals may start applying by April 10. (See application here.) 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. See a full list here.
To help our lead generation clients, prospects, and community navigate the Paycheck Protection Program, Sapper Consulting is hosting a webinar “Navigating the COVID Relief Bill for Small Business Owners”.
Sapper CEO Jeff Winters and CFO Alicia Haas will be moderating a discussion with Armstrong Teasdale Attorney Travis Kearbey and Partner Edward J Adkins about the program.
If you’d like to learn more about your eligibility, the application process, and loan forgiveness, be sure to tune in. We will also have a Q&A covering your biggest concerns around the PPP.
Additionally, please feel free to access any of the additional resources provided by Armstrong Teasdale LLP.