https://covid19relief.sba.gov/#/ Description: 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.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
Under this program:
Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
Loan payments will be deferred for six months.
If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
Paycheck Protection Program FAQs for Small Businesses
Where can I apply for the Paycheck Protection Program?
You can apply for the Paycheck Protection Program (PPP) at any lending institution that is
approved to participate in the program through the existing U.S. Small Business Administration
(SBA) 7(a) lending program and additional lenders approved by the Department of Treasury. This
could be the bank you already use, or a nearby bank. There are thousands of banks that already
participate in the SBA’s lending programs, including numerous community banks. You do not
have to visit any government institution to apply for the program.
The specific application requirements for the Paycheck Protection Program have not yet been determined. The data from the list below as it will likely be needed by your lender. Please contact your lender regarding the program and the specific information that is required.
Needed to help you calculate the eligible loan amount:
◦ Payroll reports by month for 2019 and 2020 year to date showing
the following by employee and/or officers:
◦ Gross wages
◦ Paid time off
◦ Paid vacation
◦ Pay for family medical leave
◦ Payment of group health care benefits, including insurance
◦ Payment of any retirement benefit
◦ State and local taxes (form 940, 941, or 944)
◦ 1099’s for independent contractors (if applicable
◦ Completed 2019 tax return OR 2019 Profit and Loss Report and
◦ Documentation Showing:
◦ Funds received in the form an Economic Injury loan since 1/31/20
◦ Payments for group health care benefits including premiums paid
in 2019 to 2020 year to date
◦ Payment of any retirement benefits paid in 2019 and 2020 year to
Needed for veriﬁcation of forgiveness amount:
◦ Quarterly IRS forms 940, 941, or 944 for the following dates:
◦ March 31,2019 and June 30, 2019
◦ March 31,2020 and June 30, 2020
◦ Documentation in the form of canceled checks, payment receipts,
and bank statements showing payment of the following items from
2/15/20 to 6/30/20:
◦ Mortgage Interest
◦ Rent payments
We’re urging small businesses to apply for the Paycheck Protection Program on Apr 3, 2020 — these funds are first come, first served. We recommend talking with your bank today to determine their application readiness and fund availability so you’re ready to go with everything you need as soon as they can start processing.
It looks like ESSA bank is participating in the SBA loan program:
via Monroe County / NextDoor Post: JOIN US TONIGHT in our public meeting discussing the Courthouse Expansion project. Wednesday, 5/20/2020 at 7:00pm https://global.gotomeeting.com/join/989205781 You can…