Late April 23, Congress passed a second coronavirus relief package; this $484 billion package includes $310 billion to replenish the Paycheck Protection Program (PPP). You can refer to the initial post in our website for information about the PPP - https://ggcpaservices.com/blog/paycheck-protection-program-ppp-form-information-sheet-payroll-schedule-and-other-relevant-info/ Note that the Guidance on PPP is constantly updated in the SBA site - Lender
The New Jersey Economic Development Authority (NJEDA) will launch the application for its Small Business Emergency Assistance Loan Program on Monday, April 13, 2020 at 9:00 am. A link to the program application will be posted on the State’s COVID-19 Business Information Hub. To provide business owners the opportunity to prepare to apply for the loan,
The Paycheck Protection Program (PPP) is supposed to be rolling out today, even if financial institution are currently asking for additional guidance. Information sheet - PPP Borrower Information Fact Sheet PPP Form - PPP Borrower Application Form updated Payroll Schedule - Payroll Schedule Note that the financial institutions are asking to prepare the following information based on the
Your organization is eligible for the Small Business Emergency Assistance Loan Grant if you… Have between 1 and 10 FTEs. This means companies non-employee companies (holding), companies that have between 1-10 FTE utilizing 1099 employees, and larger firms are not eligible for this round of grant funding. Have a physical commercial location in the State
The PAYCHECK PROTECTION PROGRAM (PPP) is one of the most relevant Stimulus Packages and you will have to discuss with your bank/financial institution as they are administering this SBA program. This program would be retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans
The Senate advanced a bill, A-3845/S-2284, that allows the Economic Development Authority to issue grants to help businesses remain afloat and make payroll while operation is interrupted. The bill also authorizes the authority to extend requirements within the state's troubled business tax incentive programs to file proof of investment and employment requirements during a state
On March 27, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which is aimed at providing financial relief for the economic downturn caused by the Coronavirus pandemic. This summary includes some of the more pertinent issues to small businesses. Paycheck protection program (business loans / grants) To determine
NYC Employee Retention Grant Program The City is offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees. NYC Small Business Continuity Loan Fund Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible
Federal Government (SBA disaster loan) - https://disasterloan.sba.gov/ela/Information/Index The Federal Government through the Small Business Administration will provide disaster loans to business (3.75% interest rate) and non profits (2.75%) PA State Government - Working capital access program - https://dced.pa.gov/programs/covid-19-working-capital-access-program-cwca/ Governor Wolf has released the Covid-19 Working Capital Access Programunder the Pennsylvania Industrial Development Authority Small
In this period of uncertainty and chaos, we strongly believe that informed individuals take better decisions. It is important to filter all the noise, take rational and logical decisions in our scenario or it can worsen our position. Over the last few days, we had hundreds of conversations via phone, email, texts, radio shows, blogs,
