To say that small businesses have been hit hard by the recent COVID-19 pandemic would be an understatement. Trusted Tech Team is committed to helping your business thrive — in normal times as well as in challenging times like these.
Small Business Resources
Intuit’s QuickBooks, the go-to accounting software for millions of small businesses, recognizes the challenges that many businesses face during these times. As a result, they have compiled resources and information that may help your small to medium-sized business stay afloat during the unprecedented challenges caused by COVID-19.
One resource is Quickbook’s direct link to the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This $370 billion stimulus loan package from the Small Business Administration (SBA) included the Paycheck Protection Program (PPP) [no longer accepting applications]. If you applied for the PPP program via Quickbooks Capital, now is the time to explore PPP loan forgiveness.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act
March 27, 2020 – President Trump signs the CARES Act into law.
This Act officially expanded the Economic Injury Disaster Loan (EIDL) program to address the financial needs of small business owners who had been affected by the COVID-19 pandemic. Under the EIDL provisions of the CARES Act, struggling small businesses can apply for up to $2 million dollars of working capital loans and use these funds to cover payroll, pay bills and pay fixed debts.
Small businesses in all states and territories are eligible. Eligibility has also been expanded to include small agricultural cooperatives, sole proprietors, independent contractors, private nonprofit organizations as well as any other businesses, ESOP, tribal small businesses, or cooperatives that have fewer than 500 employees.
Paycheck Protection Program (PPP) Forgiveness
As a part of the CARES Act, the PPP program allotted $659 billion in forgivable loans that helped businesses pay their employees and cover eligible operating expenses within the first eight weeks of the loan.
If you have received PPP benefits, it’s important to begin to explore your options for loan forgiveness.
Once loan forgiveness applications are under review, decisions are usually made within 60 days. Your PPP loan will be either fully forgiven, partially forgiven or not forgiven. If it is fully forgiven, you will not be required to pay any money back. If your loan is partially forgiven, this means that you’ll be required to pay back funds that were not spent on eligible expenses, plus any interest that accrued. If your loan was not forgiven, you must pay back your entire loan, plus any accrued interest.
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