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Coronavirus Emergency Loans Guide (pdf).pdf

C3_COVID_EmergencyLoanGuide3-1.pdf
Preview of Coronavirus Emergency Loans Guide (pdf)
🔗 Source: prod.yourya.org
📊 Size: 81 KB
📄 Pages: 4 pages
⬇️ Downloads: 152

Summary

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses and nonprofits keep workers employed amid the pandemic and economic downturn through the Paycheck Protection Program, which provides 100% federally guaranteed loans to eligible organizations. These loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. Eligible organizations include small businesses with fewer than 500 employees, 501(c)(3) nonprofits with fewer than 500 employees, and individual sole proprietors, independent contractors, and self-employed individuals. Lenders will consider whether the borrower was in operation before February 15, 2020, and had employees for whom they paid salaries and payroll taxes. Borrowers must certify that the loan is necessary to support ongoing operations and that they will use the loan proceeds to retain workers and maintain payroll. Loans can be up to 2.5 times the borrower's average monthly payroll costs, not to exceed $10 million, and may be forgiven if spent on payroll costs, interest on mortgage obligations, rent, utilities, and other eligible expenses during the 8-week period beginning on the date of the loan origination.

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Description

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses and nonprofits keep workers employed amid the...

Technical Information

  • File Format: PDF
  • File Size: 81 KB
  • Pages: 4
  • Language: EN
  • Total Downloads: 152
  • Last Updated: 1 week ago

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This PDF document about Coronavirus Emergency Loans Guide (pdf) provides comprehensive information and guidance. Whether you're a beginner or advanced user, this resource offers valuable insights into Coronavirus Emergency Loans Guide (pdf).

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