The summarized information below is tailored for what we think our clients would find most helpful. It is not the full rules, regulations or terms. This summary information is NOT tax advice and may be missing relevant information to make informed decisions. It's meant to help guide you the appropriate details linked below only. Please consult the details in the related links or contact us to discuss your specifics before relying on the summary information. We may update this information as we learn more about the programs.
Max loan up to $10m up to 250% average monthly payroll for 2019.
2 year term, 0.5% interest rate. No prepayment penalty. 1 PPP loan per entity.
Seasonal businesses may use average monthly payroll from 2/15/19 to 6/30/19
New businesses may use average payroll from 1/1/20 to 2/29/20
Payroll Costs include:
Does NOT include
Additional uses of loan (may not be forgiven)
Additional program information HERE
Self-employed information HERE
Up to 8 weeks of costs forgiven from loan balance (beginning on loan origination date) :
*in Force prior to 2/15/2020. Only 25% of the forgiven amount may be for non-payroll costs.
Can get other SBA loans but can’t use same qualifying expenses for both
Must maintain payroll
(contact US for an excel calculator to assist)
Low interest (less than 3.75%) up to $2m to pay for expenses that could have been met had the disaster not occurred including payroll and operating expenses
Request grant of up to $10k ($1k per employee) when applying for loan that does not need to be repaid.
Can be used for
Deferment at Administrator’s discretion up to 4 years.
SBA will cover loan payments (Principal & Interest) for 6 months
(Does Not include PPP loans)
Refundable Payroll Tax Credit through 12/31/2020
Refundable payroll tax credit for 50% of wages paid (including health benefits) for the first $10k in wages per employee
Employers that have been fully or partially suspended as a result of government order limiting commerce, travel or group meetings
Experienced >50% reduction in quarterly receipts year over year
Employers with less than 500 employees must provide up to 2 weeks paid leave to employees. May be a hardship exemption for businesses with fewer than 50 employees for school closings or childcare unavailability if it could jeopardize business as a going concern.
Employee information posters required to be posted: click HERE
Employer Information: click HERE
FAQs: click HERE
Full credit for wages paid plus cost to maintain health insurance.
Credit is applied against future federal payroll taxes and payments. Can also request advance from IRS.
Ability to take losses from 2018, 2019 or 2020 and amend earlier returns to take advantage of a loss carry back for up to 5 years