CARES ACT

CARES ACT

Offering 1^st and 2^nd ROUND
PAYCHECK PROTECTION PROGRAM (PPP) FOR BUSINESSES

2^nd Round PPP: 

• Paycheck Protection Program is offering a 2nd round loan to businesses under 300 employees, with loan calculated at 2.5 times payroll
• Loan can be used for payroll and overhead
• Business must demonstrate at least a 25 percent reduction in gross receipts in the first, second, or third quarter of 2020, relative to the same 2019 quarter

1^st Round PPP:

• Paycheck Protection Program is offering small businesses under 500 employees loan amount calculated at 2.5 times payroll
• Loan can be used for payroll and overhead.
• If compliant, funds can be forgiven by the US government for maintaining a level of business activity & remaining compliant- above applies to Profit and Not for Profit
• Above is subject to change based on SBA guidelines