The financial stimulus package just passed by Congress includes relief options designed to help businesses recover and boost the US economy. Provisions include the Paycheck Protection Program, Economic Injury Disaster Loans, Treasury Direct Loans, Industry Specific Loans.
The CARES Act has been established to help American businesses and the economy recover from the effects of the coronvirus. Provisions in the ACT provide up to $349 billion in funding to qualified businesses with an opportunity for a portion of the loan forgiveness, under certain circumstances. The main points of the provision are:
A key feature of the CARES Act Paycheck Protection Loan is the provision allowing your business to be completely absolved of a portion of the loan. However, it comes with a number of requirements, which if misunderstood, will immediately disqualify you from this relief. Here are the main points:
Who is eligible to apply?
Where to apply?
What you need to apply?
How long do I have to apply?
How much can I apply for?
How much of the loan can be forgiven?
What are the loan fees?
Paycheck Protection Program is a good option for those businesses affected by the corona virus. However, it does involve multiple qualification procedures which can be tedious and complex. If you're interested in getting more information regarding the loan program, contact us today
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