Paycheck Protection Loan Program

Attached are the form application for the Paycheck Protection Loan Program and a Borrowing Information Fact Sheet both put out by the SBA for the Paycheck Protection Program.

Although issued by the SBA, you will still apply with an SBA approved lender and, therefore, encourage you to check with your chosen lender to confirm that it will be using the same form.

A few things worth noting from the Information Sheet that clarify certain aspects of the program:

  • The first day for small businesses and sole proprietorships to apply is April 3, 2020;
  • The first day for independent contractors and self-employed individuals is to apply is April 10, 2020;
  • Due to high subscription for these loans, the expectation is that a maximum of 25% of the forgiven amount may be non-payroll costs (i.e. rent, utilities, mortgage payments);
  • This requires a client to provide “payroll documentation” to your lender;
  • The fixed interest rate is 0.50%, payments will be deferred for 6 months; the loan is due in 2 years and there is no prepayment penalty.

COVID-19 and the Workplace

Click HERE for a great resource from the US Department of Labor on COVID-19*

Click HERE for State by State COVID-19 Resource Page*

Click HERE for information on Families First Coronavirus Response Act – IRS Communication: Reimbursement of Tax Credits*

Click HERE for information on Families First Coronavirus Response Act – Employers Responsibilities*

Click HERE for information on Families First Coronavirus Response Act – FAQ’s*

Click HERE for Paychex guidance on the Families First Coronavirus Response Act*

Click HERE for free Paychex Webinar on COVID-19 Preparedness*

Click HERE for the Families First Coronavirus Response Act Poster – Employees Rights (Non-Federal Employees)*

Click HERE for the Families First Coronavirus Response Act Poster – Employee Rights (Federal Employees)*

Click HERE for the Families First Coronavirus Response Act Poster FAQs*

Click HERE for Coronavirus Tax Relief *

Click HERE for Coronavirus Aid, Relief, and Economic Security Act (CARES) Information

New York State Information

Click HERE for NYS Paid Sick Leave Resource*

Click HERE for NYS Paid Sick Leave – Guidance for Employers*

Click HERE for information on the NYS Shared Work Program*

Click HERE for FAQS for NYS Unemployment*

Click HERE for NYS COVID-19 information*

Click HERE for FAQs on Whether a Business is Considered an Essential Business*

Click HERE for the Definition of Quarantine and Mandatory Isolation*

Click HERE for Guidance on What is Considered an Essential Business (the content changes frequently) *

Click HERE for NYS Unemployment Interaction with the CARES Act

Other Helpful Resources

Click HERE on the I-9 Changes in response for COVID-19*

Click HERE for US DOL Furloughs FAQs*

Click HERE for US Small Business Administration website on government assistance for businesses*

Click HERE for requirements in regards to the Federal