stimulus

Small and medium businesses adversely affected by the COVID-19 crisis may receive some free money via the Paycheck Protection Program. The program was included in the $2 trillion federal stimulus program known as the CARES Act signed into law last week.

A friend passed along one of the better summaries of the Act; this is from the Economic Innovation Group. You can read it here: https://eig.org/news/understanding-the-paycheck-protection-program

In short, through the Small Business Administration and your local bank, a business may be eligible for 2.5 times average monthly payroll costs. The help is technically a loan, but you can apply to have the money forgiven if certain stipulations are met, including keeping employees hired for eight weeks.

If this applies to your business, you should call your SBA banker as soon as possible as demand will likely be high. Please give us a call if you have any immediate questions.