The Paycheck Protection Program (“PPP”) was created under the Coronavirus Aid, Relief and Economic Support Act, which was signed into law on March 27, 2020. The PPP authorized up to $349 billion in forgivable loans to small business during the COVID-19 crisis.
We have had communications with several of our clients about this program and thought it would be beneficial to send a brief overview. Applications can be submitted starting April 3. However, talk with your lender to ensure it is handled efficiently.
These loans are available at a very low-interest rate, provide for deferred payments, do not require personal guarantees and lastly, have the potential for forgiveness of some or all of the loan, subject to the requirements of the program, we highly recommend each and every business who is eligible for the program consider applying.
In order to gather more information about PPP and to access the application, the link below should be used.
This communication in no way fully addresses all aspects of this program. You should rely on the Treasury and your lender to provide full details. It is simply our intent to encourage you to consider utilizing this resource.
As always, should you wish to discuss in more depth, feel free to call. We are here to support you.
Beware of Scammers
Scammers are out in force right now! The latest scam is related to the CARES Act distribution of stimulus checks to citizens. People are receiving phone calls asking for their bank account numbers so that the government can directly deposit their checks into their accounts.
Please spread this information to your circle of friends, co-workers, and family. And make sure they are aware that government representatives will never call them and ask for personal information.