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Hope you and your families are well.
I have been all over the Paycheck Protection Program under the Cares Act.
It is the Paycheck Protection Program and will cover 8 weeks that will be forgiven at this time. May go longer depending if more stimulus is given.
The time frame set is between Feb and June.
Without getting into much detail, the loan will turn into a grant and can be up to 2.5 times your business monthly operating costs.
This will include payroll (even 1099 employees), commissions, healthcare cost, rent and utilities.
I am still reviewing the caps on each item, but it appears that as long as it is within the 2.5, then no payback.
Obviously you can request much more, the rest would be no interest loan.
There will be no personal guarantee, just a pledge to use money for what is covered.
Nothing set yet and it looks like most banks will support program.
Will update as soon as more info comes into play.
Hope you can take advantage of this and please be safe.
HFH
I have been all over the Paycheck Protection Program under the Cares Act.
It is the Paycheck Protection Program and will cover 8 weeks that will be forgiven at this time. May go longer depending if more stimulus is given.
The time frame set is between Feb and June.
Without getting into much detail, the loan will turn into a grant and can be up to 2.5 times your business monthly operating costs.
This will include payroll (even 1099 employees), commissions, healthcare cost, rent and utilities.
I am still reviewing the caps on each item, but it appears that as long as it is within the 2.5, then no payback.
Obviously you can request much more, the rest would be no interest loan.
There will be no personal guarantee, just a pledge to use money for what is covered.
Nothing set yet and it looks like most banks will support program.
Will update as soon as more info comes into play.
Hope you can take advantage of this and please be safe.
HFH
