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Webinar: The Payroll Protection Program Part 1

By ServExtra April 2, 2020 Webinar: The Payroll Protection Program Part 1

As a part of the new legislation, the SmallBusiness Administration (SBA) has created a nearly $350billion loan program called the Paycheck Protection Program. This program is available tobusinesses with 500 or fewer employees to help with payroll, rent, utilities, healthcare costs and more. The SBA has also expanded a number of their existing programs, including the Economic Injury Disaster Loan program.

The federal government is currently finalizing the details and protocols about how and when different programs and relief willbe implemented, and howBank of America as a financial institution will help facilitate the execution of these programs. 

If youbelieve that you will qualify for relief from the CARES Act: 

Although details are stillbeing finalized, some documentation maybe required when applying for a program when itbecomes available. 

Based on the legislation, it maybe helpful for interestedbusiness owners to gather the following information about theirbusiness: 

  1. 2019 Payroll — including the last 12 months of payroll 
  2. 2019 Employees — 1099’s for 2019 employees and independent contractors that would otherwisebe an employee of yourbusiness. (Note: Do NOT include 1099’s for services) 
  3. Healthcare costs — all health insurance premiums paidby thebusiness owner under a group health plan. 
  4. Retirement — your company retirement plan funding paid forby the company. 

If you would like to download an example of Payroll Protection Program application, here is a sample.

Apply for the COVID-19 Economic Injury Disaster Loan.

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