To keep you informed:
Up to date information on the Coronavirus Aid, Relief, and Economic Security (CARES)Act.
For specific questions email me: email@example.com
Carol L Amernick, CPA, CGMA
C.L. Amernick, CPA, CGMA, P.C.
2505 Waco St., Henrico, VA 23294
Wednesday, April 8, 2020
SBA LOANS BEGIN APRIL 3
SBA Disaster Loan Assistance Application
IRS Coronavirus Federal Tax Relief
SBA Disaster Loan Assistance: Application Page
SBA Disaster Loans: The Three Step Process
IRS Federal Tax Relief, see IRS website: at https://www.irs.gov/coronavirus.The US Department of the Treasury also has information at
Interim guidance from the Centers for Disease Control for Businesses and Employers.
Stay Informed...Virginia Business
Get updated information about how the Commonwealth is responding and supporting Virginians impacted by the spread of coronavirus:
Gov. Northam Issues Stay at Home Order Until June 10:
Governor Ralph Northam issued a Stay at Home Oder through Executive Order 55. As of now, this order does not impact which businesses may or may not remain open.
Summary of Key Provisions in the Coronavirus Aid, Relief, & Economic Security (CARES) Act &Small Business “Paycheck Protection Program”
Provides $350 billion to support loans through a new Paycheck Protection Program for:
Small employers with 500 employees or fewer, as well as those that meet the current Small Business Administration (SBA) size standards.
Restaurant and hospitality businesses with fewer than 500 employees per location.
Self-employed individuals and “gig economy” individuals; and
Certain nonprofits, including 501(c)(3) organizations and 501(c)(19) veteran organizations, and tribal business concerns with under 500 employees.
The size of the loans would equal 250 percent of an employer’s average monthly payroll. The maximum loan amount would be $10 million.
Covered payroll costs include salary, wages and payment of cash tips (up to an annual rate of pay of $100,000); employee group health care benefits, including insurance premiums; retirement contributions; and covered leave.
Cost of participation in the program would be reduced for both borrowers and lenders by providing fee waivers, an automatic deferment of payments for one year, and no prepayment penalties.
Loans would be available immediately through more than 800 existing SBA-certified lenders, including banks, credit unions and other financial institutions, and SBA would be required to streamline the process to bring additional lenders into the program.
The Treasury Secretary would be authorized to expedite the addition of new lenders and make further enhancements to quickly expedite delivery of capital to small employers.
Increases the maximum loan amount for SBA Express loans from $350,000 to $1 million. Express loans provide borrowers with revolving lines of credit for working capital purposes.
Additional information on the provisions of the CARES Act & Paycheck Protection Act
PAYCHECK PROTECTION APPLICATION