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SBA & Paycheck Protection Program #220610 04/01/20 11:58 PM
Joined: Oct 2000
Posts: 3,959
Bill Addiss Offline OP
Member
Businesses affected by COVID-19 should check out the Help that's available at SBA.gov

Paycheck Protection Program is a SBA backed loan which can be used to offset up to 8 weeks of payroll, rent, & utilities, that in some cases may not have to be paid back.

Also, larger financing may be available through COVID-19 Economic Injury Loan at a long term & low rate.

I understand they will start accepting applications this Friday. (04/03/2020)

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

Good Luck,


Bill
Business, Office, Estimating, Legal:
Re: SBA & Paycheck Protection Program [Re: Bill Addiss] #220611 04/02/20 10:01 AM
Joined: Oct 2000
Posts: 3,959
Bill Addiss Offline OP
Member
more info from SBA.gov regarding Economic Injury Disaster Loans and Loan Advance, which can be applied for now:
Quote
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

Apply online through your Business Bank for the Paycheck Protection Program with Applications starting 04/03/2020



Bill
Re: SBA & Paycheck Protection Program [Re: Bill Addiss] #220617 04/03/20 01:00 AM
Joined: Jul 2002
Posts: 8,329
Trumpy Offline
Member
Hey Bill,
Although this doesn't apply to me (or could it? grin ),
Thanks for posting this, a lot of people need some sort of help, considering they can't go to work due to a lock-down situation.

Everyone, should just stay at home and minimise the chances of this pandemic getting worse, keep within your "bubble".

Re: SBA & Paycheck Protection Program [Re: Bill Addiss] #220620 04/03/20 01:28 AM
Joined: Jul 2004
Posts: 9,509
G
gfretwell Online Content
Member
This seems to only be available, or at least forgivable, if you have employees. My niece runs an sole proprietorship with her, her hubby and one of the kids. Nobody gets a W2 so there is no salary to protect and then it just becomes a loan. If you can demonstrate you kept paying employees they might forgive all or part of the loan, making it a handout. We had a banker on the news tonight saying the rules at this point are so nebulous that he has no intent on loaning out anything until they actually put rules in place he can count on.


Greg Fretwell
Re: SBA & Paycheck Protection Program [Re: gfretwell] #220622 04/03/20 09:10 AM
Joined: Oct 2000
Posts: 3,959
Bill Addiss Offline OP
Member
Greg,

As long as they're reporting the Income I think they should be eligible for something.

I might be wrong, by my understanding is if they can't work at all they may be able to get something under the new Unemployment rules. And if they can work, but have diminished income they may be able to get a Grant under the Economic Injury Loan program.



Bill
Re: SBA & Paycheck Protection Program [Re: Trumpy] #220623 04/03/20 09:12 AM
Joined: Oct 2000
Posts: 3,959
Bill Addiss Offline OP
Member
Originally Posted by Trumpy
Hey Bill,
Although this doesn't apply to me (or could it? grin ),
Mike, maybe you can tell them you work here... laugh



Bill
Re: SBA & Paycheck Protection Program [Re: Bill Addiss] #220630 04/03/20 07:34 PM
Joined: Jul 2004
Posts: 9,509
G
gfretwell Online Content
Member
These things are all just loans and they are only forgivable if you can show 75% of the money went to an employee.


Greg Fretwell
Re: SBA & Paycheck Protection Program [Re: gfretwell] #220631 04/03/20 08:20 PM
Joined: Oct 2000
Posts: 3,959
Bill Addiss Offline OP
Member
Originally Posted by gfretwell
These things are all just loans and they are only forgivable if you can show 75% of the money went to an employee.
Are you assuming they wouldn't consider the Sole Proprietor an Employee? If so, I guess we'll have to see how that works...

But, according to the Fact Sheet below the Govt. considers income from Self-employment as payroll costs.

https://home.treasury.gov/system/files/136/PPP%20Borrower%20Information%20Fact%20Sheet.pdf

Not "official", but a quick Google found this:

Quote
The biggest perk of this program is that it can be almost entirely forgiven. You do not have to pay tax on any portion of the loan being forgiven (meaning the loan becomes tax-free grant). If you keep your payroll expenses consistent to what they were before the COVID-19 pandemic for a further eight weeks, including the salary paid and the number of employees paid, you could be eligible to have those expenses forgiven from your loan amount, as well as certain other expenses such as rent and utilities.

The good news is that if you are self-employed (and you are your only employee), this should be easy to achieve!

(from: https://bench.co/blog/operations/paycheck-protection-program-self-employed/)


dunno

P.S. - Does anyone have any experience, further or definitive info on these programs?

Last edited by Bill Addiss; 04/03/20 08:24 PM. Reason: Added P.S.

Bill
Re: SBA & Paycheck Protection Program [Re: Bill Addiss] #220638 04/03/20 11:31 PM
Joined: Jul 2002
Posts: 8,329
Trumpy Offline
Member
Well I do have a staff member, he is more "rodent control" rather than actual on-site tech.

Re: SBA & Paycheck Protection Program [Re: Bill Addiss] #220640 04/04/20 01:20 AM
Joined: Jul 2004
Posts: 9,509
G
gfretwell Online Content
Member
The problem is she never paid herself or anyone else a salary.


Greg Fretwell
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