Paycheck Protection Program Loans
We are here for you during these uncertain times. We understand during this time it can be an overwhelming to navigate your business’ next steps. That is why we are offering the Small Business Association’s Paycheck Protection Program Loans. The program provides cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy snap-back quicker after the crisis. PPP has a host of attractive features, such as forgiveness of up to 8 weeks of payroll based on employee retention and salary levels, no SBA fees, and at least six months of deferral with maximum deferrals of up to a year.
Small businesses and other eligible entities are able to apply if they have been harmed by COVID-19 between February 15, 2020 and August 8, 2020. This program is retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls.
It is ultimately the responsibility of the borrower to determine what documentation they submit. Below are some examples of the type of documentation we can use to document the payroll expenses. Please visit www.SBA.gov for further details.
Review The Small Business Owner’s Guide to the CARES Act by Clicking here.
To learn more contact us at 678-486-1111 or ContactUs@CUofGA.org.