The Small Business Administration (SBA) has released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.
The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including: Continue reading “Paycheck Protection Program Forgiveness Application”
With COVID-19 hitting businesses tremendously hard, all levels of government and other organizations have made a number of financial resources for businesses available. Below is a comprehensive list of those resources with links to where you can learn more. Continue reading “COVID-19 Business Loan/Grant Resources”
If you are an independent contractor or self-employed, you may be eligible for Paycheck Protection Program (PPP) loans/grants, SBA’s Economic Injury Disaster Loans (EIDL), and/or Unemployment Compensation for losses of income related to the coronavirus pandemic. While the PPP and EIDL programs are currently out of money, Congress is actively working to provide additional funds. This great guide to the CARES Act for Self-employed and Independent Contractors from the US Chamber of Commerce will ensure you have the information you need to take advantage of these federal programs.
Both the federal government and Minnesota Legislature have recently passed legislation that will speed critical funds to Minnesota businesses and families. With new legislation comes questions on what the changes mean for Minnesota businesses. The Minnesota Chamber of Commerce recorded a webinar to answer your questions on both the state and federal COVID-19 relief packages. Patrick Baker on the GMG team is also well-versed in these new state/federal programs and is happy to walk any business through them. You can contact him at 507-385-6657 or firstname.lastname@example.org. Continue reading “Webinar: How State and Federal Legislation Can Help Your Business”
On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This bill will provides significant support to businesses. The signature piece of the new law is the “Paycheck Protection Program” which will provide $350 billion to help small businesses keep workers employed amid COVID-19 and economic downturn. This new program provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
UPDATED: Businesses will be able to apply for these forgivable loans starting April 3rd through most all local banks. The U.S. Treasury Department has issued preliminary guidance that you can view HERE. You can view the fully Treasury website on the program here.
In addition, our friends at the U.S. Chamber of Commerce have prepared an easy-to-understand checklist to guide businesses and self-employed individuals through this new program as they prepare to file for a loan.
On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This is the third bill passed by Congress in response to COVID-19. This bill provides significant resources to businesses and individuals alike to weather this crisis. Greater Mankato Growth has compiled a summary of the key provisions in the bill impacting businesses – of which there are many. This may be overwhelming, but know that more resources will be coming soon to assist you as the law is implemented and Greater Mankato Growth will be there every step of the way to ensure you are kept informed with timely and accurate information.
You can also view excellent summaries done by the US Chamber of Commerce and US Senate Committee on Small Business & Entrepreneurship. Continue reading “UPDATED: Stimulus 3.0 – Federal CARES Act: Key Provisions Impacting Employers”