To keep you informed:

Up to date information on the Coronavirus Aid, Relief, and Economic Security (CARES)Act.  

For specific questions email me: camernick@clacpa.com

Carol L Amernick, CPA, CGMA

C.L. Amernick, CPA, CGMA, P.C.

2505 Waco St., Henrico, VA 23294

www.clacpa.com | 804-672-1598

Wednesday, April 8, 2020

SBA LOANS BEGIN APRIL 3

CARES ACT:

EMERGENCY LOANS

SMALL BUSINESS

GUIDE &CHECKLIST

 

Virginia_SBA-7a_Lenders_List.pdf

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.

 

 

https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp#section-header-4

Additional information on the provisions of the CARES Act & Paycheck Protection Act

PAYCHECK PROTECTION APPLICATION

PPP Borrowers

Information &

Instructions