Stimulus - Small Business

For Small Businesses with under 500 employees the Small Business Association (SBA) offers the Paycheck Protection Program Loan (PPP) -- PPP provides 8 weeks of cash flow assistance to be used for items like payroll, rent, mortgage interest or utilities.  PPP Information sheet 

Eligible - Independent contractors, Freelancers, Self-Employed, Sole Props, Gig workers as well as non-profits.
 
The best way to get a PPP loan is to work directly with the bank where you hold your business banking account or have a current loan. Contact your business bank to learn if your bank is participating.   
 
 
Note - Paypal, Intuit & Square have been approved as lenders and they are ramping up their communications to existing clients regarding their PPP options.
 
 

 Details - 

  • Application process starts 4/3/20

  • Determine your loan amount

  • Interest rate of 0.5% & No Fees

  • Loan payments start month 7, no payments for the first 6 months

  • No collateral or personal guarantees required

  • The loan covers expenses dating back to Feb. 15 to June 30, 2020

  • The loan can be forgiven and essentially turn into a non-taxable grant if businesses maintain their payrolls during the crisis or restore their payrolls afterward.

Documents needed - 

  • 2019 Tax Returns and/or 2019 Profit & Loss Statement

  • Last 4 quarters of payroll taxes (IRS From 941)

  • Verification of the number of employees and payroll incurred over the most recent 12-month period.

  • Sole Proprietorships - will need to submit schedules from their tax return showing income & expenses from the sole prop.

  • Independent Contractors - need to submit form1099-MISC.

  • Self-employed individuals - will need to submit payroll tax filings reported to the Internal Revenue Service.

State & Local Economic Assistance Programs

Please check with your local SBA and Chamber of Commerce to determine if additional state or local municipality assistance is available.