Whew. This was a busy week for the SBA!
EIDL - If you previously wanted to apply for the EIDL grant or loan only to find that they weren't allowing new applications then you're in luck. The SBA has opened the program back up for new applicants! How long will it be open this time? IDK but I suggest you apply sooner than later if you want the grant or loan. Link here.
PPP - On June 5, the Paycheck Protection Flexibility Act of 2020 was signed into law. With the PPFA came more questions for us small business owners...
As anticipated, the SBA and Treasury stepped up and released new details about forgiveness criteria AND they dropped TWO new applications on us (a long form and an EZ form).
We're going live to explain both forms and to answer questions. Register here if you'd like to join us!
Here are SOME of the highlights:
The brand new EZ Application:
BENEFIT: It's easier!
BONUS BENEFIT: If you qualify for the EZ form, that means you get 100% forgiveness for the loan.
But who gets to use it? Turns out, a lot of us:
1. Self employed AND have no employees - OR -
2. You did not reduce salaries or wages of employees by more than 25% AND did not reduce the number of hours of your employees - OR -
3. You experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries/wages of your employees by more than 25%
Health Insurance costs for s-corps CAN NOT be included when calculating payroll costs BUT retirements costs for owners CAN.
8 Weeks or 24 Weeks? Now you can pick even if you applied for the loan before June 5th.
Click below so we can keep you updated on the latest developments with the EIDL, the PPP, tax deadlines, and all the other important information you need to run your business.