Coronavirus Emergency Loans Small Business Guide And Checklist

Click HERE for the SBA Paycheck Protection Loans Guide and Checklist March 2020 prepared by the United States Chamber of Commerce. The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. The administration soon will release more details including the list of lenders offering loans under the program. In the [...]

Coronavirus Emergency Loans Small Business Guide And Checklist2020-04-01T01:34:18-07:00

Business Tax Implications Due To Coronavirus Aid, Relief, And Economic Security Act (“CARES Act”)

Business Tax Implications Due To Coronavirus Below are the relevant business tax implications due to the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). Business Loans If you have fewer than 500 employees or are self-employed, you are eligible to apply for a business loan of up to $10 million. Interest rates cannot exceed 4% and some of the loan amounts could be forgiven if used within 8 weeks for the following costs: payroll (including health care and money paid to independent contractors), mortgage or rent and utility payments. If you reduce your headcount, the amount forgiven will be [...]

Business Tax Implications Due To Coronavirus Aid, Relief, And Economic Security Act (“CARES Act”)2020-03-30T10:22:08-07:00