There's a great thread on the Disaster Loans on the COVID board, but I wanted to start another one and cross-post here so that people knew there were a few different programs emerging.
If you're a small employer, non-profit, or even self-employed, you NEED to look into the Payroll Protection Program (PPP). It's essentially a loan for 2 months of your payroll expenses that can be 100% forgiven as long as you maintain your payroll (ie, it's a grant).
Applications can be submitted as soon as tomorrow. It's first-come first-serve. There's talk the funds will run out. It'll be a zoo tomorrow but I wouldn't wait too long to get your stuff together.
What you'll need:
A few notes and resources:
We put together a short video for our clients this morning. You can watch me talk through it here. We have a lot of small clients, so we've put together a roadmap on other resources that might be helpful too. As always, consult with your tax professional, blah blah blah--get an application in!
If you're a small employer, non-profit, or even self-employed, you NEED to look into the Payroll Protection Program (PPP). It's essentially a loan for 2 months of your payroll expenses that can be 100% forgiven as long as you maintain your payroll (ie, it's a grant).
Applications can be submitted as soon as tomorrow. It's first-come first-serve. There's talk the funds will run out. It'll be a zoo tomorrow but I wouldn't wait too long to get your stuff together.
What you'll need:
- Your average payroll spend from 2019 (talk to your payroll provider)
- You'll apply through your local bank if they are an SBA partner. Many banks are starting to set up site and send out notices. We use Chase Bank, here's their site.
A few notes and resources:
- The Department of Treasury has a dedicated page to the program with FAQs and a sample application (again, apply through your bank).
- Here's a great PDF from the Department of Commerce explaining the program
- Please be wary of scams. Only access information from trusted sources.
We put together a short video for our clients this morning. You can watch me talk through it here. We have a lot of small clients, so we've put together a roadmap on other resources that might be helpful too. As always, consult with your tax professional, blah blah blah--get an application in!