Important Information for Small Business about the CARES Act

SPECIAL ISSUE | April 3, 2020

The CARES Act.

Information for helping you explore the options

It is a difficult and stressful time for small businesses. The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act , is a law meant to address the economic fallout of the 2020 coronavirus pandemic in the United States .

Hopefully, we can give you some information that helps you navigate the CARES Act.

Navigating the CARES ACT

Paycheck Protection Program (PPP)

It eliminates many of the requirements of a typical SBA loan and expands the types of businesses eligible for relief.

1. Expenses eligible for forgiveness over an eight week period include (begins after loan origination): Rent // Utilities // Interest payments on mortgage obligations incurred before 02.15.202 // Payroll Costs

2. Eligible amount is 2.5 times the average monthly payroll costs

3. No fees passed on to the borrower

4. No collateral or personal guaranty required

5. The loan can be 100% forgiven, if certain qualifications are met

Click Here for more detailed information on the PPP program.

** There are many other programs in place to help, including Economic Injury Disaster Loans (EIDL) for up to $10,000. **

For more information, and details about programs that can be right for your business, please contact your local SBA organization or bank/lender. Below is a link to find your local SBA organizations.

Local SBA Assistance Locator

Step-by-Step: How to Apply for a Small Business Loan under the CARES Act

Complete this linked worksheet . Your bank may have additional pertinent information for you.

Complete the SBA Application forms, linked here.

Begin collecting the documentation we know you will need:2019 payroll information including;

IRS Form 941 for all four quarters of your 2019 payroll
Health insurance premium information for 2019
State & Local Payroll Taxes for 2019 assessed on the compensation of employees
Retirement Plan contributions made in 2019

Current Organizational documents including:

Articles of Incorporation, or Articles of Organization, or Partnership Agreement
Corporate Bylaws or Operating Agreement
Board Resolution (specific to non-profits)
Submit your application online on Friday, April 3rd through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

For full details of the program on the SBA website, click here .

We are working hard to make sure you have what you need, when you need it.

The way we are doing business looks a little different with everyone practicing social distancing. But, rest assured, we are ready and available to answer any question, help with any quote or selection, and when the time comes to place an order we will have it ready to go in Express Pickup!

Just give us a call. You can also order online or through the a pp

We're on it!