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Financial help for your business during COVID-19

By IdeaRoom Technologies
As we all get through this time together, we thought we would pass along some information on a program in the recently passed Coronavirus Aid, Relief and Economic Security Act (CARES Act). This presents several important funding opportunities that could directly improve the financial health of your business.

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) addresses the impact of COVID-19. The most recent aspect of this act is the Paycheck Protection Program (PPP), which will offer up to $30 Billion to small businesses. Here's how it might help you:
  • PPP provides cash-flow assistance to businesses with 500 employees or fewer;
  • Low-interest loans are structured to cover payroll costs, paid sick leave, employee salaries, health-insurance premiums, rent, utilities, and mortgage interest payments;
  • Covered Loan Period - February 15, 2020 through June 30, 2020;
  • Covered Loans - Those made under the PPP during the covered period. Loan amounts will be based on 2.5 x average monthly payroll and cannot exceed $10MM;
  • Eligible Borrowers - Businesses, non-profit orgs, veteran’s orgs, eligible self-employed independent contractors and sole proprietors not greater than 500 employees;
  • Loan Forgiveness - There are options available for loans to be partially, or fully forgiven. We highly recommend discussing with your CPA and Attorney to ensure you are adhering to the qualifications for the forgiveness program.
Further information can be found by contacting your local SBA field office or by contacting your local SBA lender. They are receiving a lot of calls at this time, so be patient, but we feel these programs may be a valuable tool for your business.
 

Need more resources?

Here are two PDF downloads that provide more detail on potential funding opportunities:

 

CARES Act Explained

This PDF contains a summary of the PPP, Emergency Economic Injury Grants, & debt relief for SBA borrowers.

Read more

 

Guide for Owners

Aimed at employers, this PDF outlines how you retain employees, find cash infusions for your business & keep up with current loan payments. 

Read more

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