As you may know, a new federal law (the CARES Act) includes emergency loans available to small businesses through the SBA. Many PIA members will be eligible, and the first day to apply is Friday, April 3rd! It is possible that there will not be enough money allocated to this purpose for every business to get a loan. If that is true, it would be important to apply for this loan quickly.
These Paycheck Protection Program (PPP) loans are intended to be partially or fully forgiven for employers who keep all of their employees during the COVID-19 public health crisis. If you intend to keep paying employees during the COVID-19 shutdown period, then this loan could equate to free money. Even if you don’t end up keeping all of your employees on board, this is a loan at an attractive interest rate of 3.75%, which could help your cash flow through this crisis.
Download Paycheck Protection Program SBA Loan Application, HERE:
See guidance on the PPP loans from PIAW partner Axley Attorneys, HERE:
This flyer from the U.S. Chamber of Commerce explains the PPP loan program:
P.S. The FFCRA is in effect, starting today. If you have not yet put up the mandatory labor poster for FFCRA employee leave, download that HERE: