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