CARES Act Paycheck Protection Loan Program:
Congress recently passed the biggest stimulus bill in the history of the United States. One of the most significant provisions of that law is the CARES Act Paycheck Protection Loan program. In short, the process for getting the loans is through the Small Business Act (SBA) through SBA- certified lenders including banks, credit unions and other financial institutions. In the coming days, SBA-certified lenders will be given specific application procedures and guidelines from the federal government. The covered time period for the loans is February 15, 2020 through June 30, 2020.
Goyette & Associate’s transactional team is ready to assist small businesses through the loan securing process, including helping you navigate key elements of the Paycheck Protection Loan Program. For example, there are key criteria for these loans such as:
- Loans are available for businesses with not more than 500 employees or, in the hospitality industry not more than 500 employees per physical location.
- Loans may be used for payroll costs, health care, rent, utilities, and other debts incurred in business operations
- Loan amounts will be available based on a formula of the lesser of average monthly payroll costs during the prior year multiplied by 2.5; up to a max of $10 million.
- The Federal Government will forgive some or all of the loans depending upon how the employer uses those monies. Please call us for details.
Please let lawyers and other specialists at Goyette & Associates assist you to quickly and efficiently participate in the Paycheck protection Loan Program. Consultations are always free.