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CORONAVIRUS AID, RELIEF, and ECONOMIC SECURITY ACT (CARES)Overview:Any small business may apply for CORONAVIRUS AID, RELIEF, and ECONOMIC SECURITY ACT (CARES) loan. The program is open until June 30, 2020, but it is advised that you seek the loan as soon as possible so that money does not run out. Protection Program: rules applicable to US Small Business Administration Paycheck Protection Program financial institution is participating?You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System that are participating. You’d need to call your lender/bank/credit union to see if they are participating. Eligibility:The way they determine eligibility is if you have fewer than 500 employees. They can be full time, part time or any other status, but it has to be fewer than 500 employees. Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:500 employees, orThat meets the SBA industry size standard if more than 500Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per locationSole proprietors, independent contractors, and self-employed personsWhat is the lender looking for?The borrower will need to complete the Paycheck Protection Loan Application. will also ask you for a good faith certification that: The uncertainty of current economic conditions makes the loan request necessary to support ongoing operations The borrower will use the loan proceeds to retain workers and maintain payroll or make mortgage, lease, and utility payments Borrower does not have an application pending for a loan duplicative of the purpose and amounts applied for here From Feb. 15, 2020 to Dec. 31, 2020, the borrower has not received a loan duplicative of the purpose and amounts applied for here (Note: There is an opportunity to fold emergency loans made between Jan. 31, 2020 and the date this loan program becomes available into a new loan) If you are an independent contractor, sole proprietor, or self-employed individual, lenders will also be looking for certain documents (final requirements will be announced by the government) such as payroll tax filings, Forms 1099-MISC, and income and expenses from the sole proprietorship.How much money can a small business borrow?Loans can be up to 2.5 x the borrower’s average monthly payroll costs, not to exceed $10 million. There are many exceptions. Please see snip-it below:Find out just how much money your business can get. Calculate your PPP loan amount here: this loan be forgiven?The loan has potential to be forgiven. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.NOTE: The government is now advising that because of high participation, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. The loan forgiveness cannot exceed the principal. ................
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