Updated: Oct 12
Apply for the Paycheck Protection Program Today
By: Megan Mathias, Founding Partner
The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, provides qualifying businesses with forgivable loans to cover payroll and certain costs, known as the Paycheck Protection Program. The Paycheck Protection Program is designed to incentivize employers to keep their workers employed.
Generally, if the loan proceeds are used to meet the payroll demands and the rules of the program are followed by the employer, the loan principal will be forgiven. For example, the funds must be used for the qualified uses for 8 weeks commencing on the date of the loan and your full time equivalent employees cannot be reduced. No personal guarantees required and no collateral required. The U.S. Chamber of Commerce is collecting helpful information and resources for business owners- View the Coronavirus Emergency Loans Small Business Guide and Checklist, here.
Be sure to prepare backup documentation to demonstrate payroll costs and keep track of use of funds in order to demonstrate funds were used on qualifying uses. Here are the specific conditions for loan forgiveness (Refer specifically to #Section1105and1106).
In order to accommodate the needs of our small business clients, Lopp Mathias Law is available 24 hours a day/night during the Coronavirus pandemic, or until further notice.
We are offering free consultations to business owners, veterans, and first-responders.