COVID-19 Update
April 2, 2020
US Treasury Department Update
Important new guidance has been issued by the U.S. Department of the Treasury for small businesses that want to apply under the Paycheck Protection Program (PPP). For access to the Borrower Guide, click here. A sample Borrower Application can be found here,
Important Reminders:
Important Reminders:
• Payroll costs are capped at $100,000 for each employee
• Loan Payments will be deferred for at least six months
• Small businesses can apply for funds under the PPP starting on April 3, 2020
• Applicants can apply through several institutions, including existing SBA lenders, any FDIC insured institution, any federally insured credit union, among others
• All businesses, including non-profits, can apply
• In addition to the application, you will need to provide payroll information
• The amount you can borrow is based on a multiple of average monthly payroll costs
• Payroll costs include employee benefit costs and payroll taxes
• PPP loans are eligible for forgiveness as long as certain conditions are met, including maintaining certain staffing and compensation levels over the stipulated timeframes
Stone & Company continues to monitor developments in this area as we strive to support our clients through these challenging times. Feel free to contact us if we can serve as a resource.
-The Stone Team
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