Get in touch with your bank ASAP for Payroll Protection Program

The Coronavirus Aid, Relief and Economic Security Act (CARES) provides economic relief to individuals and businesses affected by the pandemic. Of immediate importance to contractors, is the $349 billion Paycheck Protection Program (PPP), which provides loans through local SBC banks to organizations employing fewer than 500 employees. Applications are now available online and will be accepted beginning Friday. The loans, designed to encourage employers to keep workers employed, are for up to 2 ½ times your monthly payroll up to $10 million. Loan forgiveness is based on an employer’s maintaining or quickly rehiring employees and maintaining salary levels. Seventy-five percent of the amount given must be put toward payroll.

Contractors who are pursing these loans should contact their banks as soon as possible because these institutions will be overwhelmed with demand and funds will likely run out. It is unclear whether banks will give priority to existing clients.

Learn more details through this PPP Fact Sheet from the U.S. Treasury:

Meanwhile, ABC of Wisconsin has scheduled a free webinar for members who want to learn more details about the program. The webinar, “The CARES Act – a $350 Billion SBA Loan Rescue Package for the Ages,” will be Friday at 10:00 a.m. Our presenter is Terry Hoover, ABV, Wipfli, LLP. Register today.

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