We are getting lots of questions about the Payroll Protection Program. It is supposed to begin rollout today, but there is a lot of confusion around this program, from both lenders and potential borrowers. New guidance from the federal government was issued last night, but many banks will not be ready to begin accepting applications until next week at the earliest. We have updated our PPP Overview Page with the most recent information. The newest guidelines include a change to the interest rate, from .5% to 1%. It also makes clear that payments to 1099 contractors should NOT be included when calculating payroll costs.
Here is the link to the newest guidelines. It is lengthy, so feel free to contact us if you have specific questions.
https://home.treasury.gov/system/files/136/PPP--IFRN%20FINAL.pdf
Here is the link to the most recent application for the PPP. I heard from Dillon Borton from Key Bank and he let me know that some banks will be using their own applications, to work within their systems, but that the information would be the same as what is on the generic application form.
https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf
Here’s an interesting article that addresses all of the confusion around this program.
https://fortune.com
Here’s an article with some suggestions on what to do if you can’t pay your bills this month.
https://fortune.com/2020/04/02/do-i-have-to-pay-rent-bills-utilities-coronavirus-relief-checks-stimulus-unemployment-help/
This is a crazy and confusing time for all of us. Small business owners feel twice the stress, as they worry about keeping a business afloat and also staying on top of bills at home. We’re here to help you get through this. Please get in touch if you need help with questions specific to your situation.