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Financial Institutions Will Begin Accepting Loan Applications on 4.3.2020 | CARES Act Resources & Practical Advice for Small Businesses and Nonprofits

The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act was passed by Congress on March 27, 2020. The programs contained in the Act are intended to help qualified small businesses and nonprofits stay financially viable during the COVID-19 pandemic.

Important Links:

  1. Economic Injury Disaster Loan Application – AVAILABLE NOW
  2. Paycheck Protection Program Loans – AVAILABLE NOW

Businesses and nonprofits eligible for funds include the following:

  • A small business with fewer than 500 employees
  • A small business that otherwise meets the SBA’s size standard
  • A 501(c)(3) with fewer than 500 employees
  • An individual who operates as a sole proprietor
  • An individual who operates as an independent contractor
  • An individual who is self-employed who regularly carries on any trade or business
  • A Tribal business concern that meets the SBA size standard
  • A 501(c)(19) Veterans Organization that meets the SBA size standard

CARES Act Loan Options for Small Businesses and Nonprofits

Economic Injury Disaster Loans (EIDL)
•Available Today
•Offers $10,000 within three days
•You are still eligible to apply for a Paycheck Protection Program Loan and may refinance your prior EIDL loan
Loan Application & More Details

Paycheck Protection Program Loans (PPP)
•Applications accepted beginning April 3, 2020 through your local SBA approved lender.
•Offers lesser of $10,000,000 or 2.5 times the average monthly payroll costs incurred during the one-year period before the date of the loan
Loan forgiveness for an 8-week period beginning from the origination date of the loan for payroll costs and rent payments, utility payments, or mortgage interest payments
Loan Application & More Details

*You cannot get both EIDL and PPP loans at the same time, but, if you first get an EIDL loan, you can later refinance it with a PPP loan.

ACT NOW!

PPP Application Information

Start collecting these documents:

  • þ2019 IRS Quarterly 940, 941 or 944 payroll tax reports
  • þPayroll reports for a twelve-month period (ending on your most recent payroll date), which will show the following:
    • Gross wages for each employee, including officer(s) if paid W-2 wages
    • Paid time off for each employee
    • Vacation pay for each employee
    • Family medical leave pay for each employee
    • State and local taxes assessed on an employee’s compensation
  • þ1099s for independent contractors for 2019
  • þDocumentation showing total of all health insurance premiums paid by the company owner(s) under a group health plan.
    • Include all employees and the company owners
  • þDocument the sum of all retirement plan funding that was paid by the company owner(s) (do not include funding that came from employees out of their paycheck deferrals).
    • Include all employees and the company owners
    • Include 401K plans, Simple IRA, SEP IRA’s

Quick Resources

  1. US Chamber of Commerce COVID-19 Response Toolkit
  2. Emergency Business Loans for Small Businesses Checklist
  3. Emergency Business Loans for Nonprofits Checklist
  4. Small Business Administration Funding Programs
  5. The Small Business Owner’s Guide to the CARES ACT

We want to streamline the information for our readers as much as possible.  To the extent you have additional questions in relation to the CARES Act, please reach out to us and we will assist in navigating information as it becomes available. 

Van U. Donkersgoed, DeWitt Law Clerk, and Shawn Govern, DeWitt Partner, collaborated to bring these resources together for our clients.

About the Author

Shawn practices with a unique perspective and eye towards the most favorable outcome. His career spans close to 30 years in business law, real estate law, transactional matters and a variety of litigation. As a proponent of closely held businesses, Shawn seeks to assist family business owners with their day to day legal needs, as well as the family’s individual legal needs. His litigation experience includes trying cases in Federal, State, Trial and the Appellate Courts.  He can be reached at smg@dewittllp.com.

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