The CARES Act & What It Means For You

If you’ve been watching the news lately, you’ll have seen that the US Senate just passed Phase 3 of the COVID Stimulus legislation. Bills and government documents can be difficult to understand, but we’re here to help. Let us know what questions you have about getting your Business through this tough time and we’ll do everything in our power to assist.

Are You Eligible?
Businesses with less than 500 total employees, and multi-location restaurants with 500+ employees that have no single location with over 500 employees are eligible.

What Are You Eligible For?
100% Federal Government insured loans for up to $10 million. How much you are approved for depends on a few things. You’ll get 2.5 times your average monthly payroll costs (up to $10 million), with a 10 year loan with an interest rate of 4% or lower with no prepayment penalties. The amount of the loan that is used for payroll, rent, utilities, and mortgage interest between a specific time will be forgiven, and the debt that is forgiven will not be considered taxable income. You can get this loan from any FDIC Insurance Bank or and Federally Insured Credit Union. These are SBA loans, but you do not need to go through an SBA bank or the SBA website to access them. The loans should be available starting Friday, April 3rd, 2020 . Please verify all details with the bank that you get your loan through, as they will have the most up-to-date and accurate information.

What Do You Need To Prove Eligibility?
The exact requirements are still being worked out, but prepare to have payroll tax returns and payroll reports from 2019 and YTD 2020 available to calculate the amount of the loan you are eligible for.

 

Along with the CARES Act many businesses and Big Names are offering their help. Google is offering $800+ million to support small businesses and crisis response! What does this mean for you? Well if you have an active Google Ads account, credits will appear that can be used at any point until the end of 2020. Our team is posting general updates on this blog page and can share info you send as well. We also welcome specific inquiries you have as for now we are open and will take your phone calls and respond to your email. We have time to help you with your questions. Don’t let this crisis separate you from your customers! We can help you stay in touch.

For more information you can see the CARES Act in it’s entirety HERE, see Google’s CEO’s message HERE, or see a more in-depth explanation of the CARES Act HERE!

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