The Federal Paycheck Protection Program (PPP) will begin accepting applications April 3, 2020. It is a first come-first served with limited funds so applying early is very important.
It is strongly suggested that business owners investigate, consider, and apply for this funding if eligible as soon as possible. This particular federal option one is one of the largest and fastest programs currently available – the payroll component is special to this program.
On March 27, 2020, the federal government adopted the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) that includes over $2 trillion dollars in aid.
Over $350 billion in aid is available for businesses and more than $300 billion is will be provided as a direct payment to qualified individuals and married couples. While payments for individuals and married couples will be paid directly to individuals with no application necessary, there is an application for aid to small businesses through the Payroll Protection Program.
Those interested in applying for aid you will need to contact their local lender to determine if they are a qualified SBA lender, federally insured deposit institution, or federally insured credit union.
How to Apply
Those interested in applying for a PPP loan START BY CLICKING HERE for the application. Or see the following link: Paycheck-Protection-Program-Application-3-30-2020-v3.pdf.
Then contact a qualified SBA lender, federally insured deposit institution, or federally insured credit union (in other words a local bank, credit union, etc.).
The application is going to require supporting documentation. Businesses (small businesses and sole proprietors) can start applying for assistance on April 3, 2020. Other businesses (independent contractors and self-employed individuals) can start applying for assistance on April 10, 2020.
Those interested should begin completing the application now and gather supporting documentation. It appears that funding will be available on a first come, first served basis and there is not enough funding to support every eligible business.
Here there is a high level overview of the Payroll Protection Program (PPP)
If you think you are interested in the program please go to this link for more information directed to potential borrowers: PPP Fact-Sheet
- The Treasury Department is responsible for the PPP. This is the link to their website. home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
- The website below also has helpful information about the supporting documentation that will be needed in order to complete a PPP application. impactbnd.com/blog/paycheck-protection-program-application-required-documents-cares-act
- The link below also provides additional information about the PPP and other aid programs that may be of use to small business. goldenshovelagency.com/covid-19-resources/covid-19-national-business-resources
Please note all this information is new and subject to change. Everyone is working through the information now, so there may be some inconsistency between sources on certain information. While we are trying to be as helpful as possible, we do not have all of the answers to all of the questions at this time. Here are a few additional points:
- According to the treasury site small businesses are those businesses with fewer than 500 employees.
- Some sources indicate that you may only apply for one loan. Other sources clarify that businesses, such as restaurants and hotels, that are franchised may apply for a loan for each location.
- One source indicates that you should not count employees making more than $100,000 in your payroll calculation. It would appear that you should count each employee in your payroll calculation, but if they make more than $100,000, you should only count them as making $100,000.
Small business owners in all U.S. states, Washington D.C., and territories are currently eligible to apply for a long-term, low-interest loan due to Coronavirus (COVID-19).
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
- Economic Injury Disaster Loan Program
- Guidance for Businesses and Employers
- SBA Products and Resources
- Government Contracting
- Local Assistance
The Express Bridge Loan pilot program allows SBA Express Lenders authority to deliver expedited SBA-guaranteed financing on an emergency basis for disaster-related purposes to eligible small businesses, while the small businesses apply for and await long-term financing.
The City of Suwanee has put in place an allowance for a banner per restaurant business offering take out from now until April 30. The banner is restricted to businesses that are offering take out and the banner should state such in order to discourage groups from gathering in restaurants. Banners shall be a maximum of 24 square feet maximum and setback 10 feet from the right of way. This will not impact those businesses that have already used their allotment of temporary banners per 12 months. No permit necessary, but you must send an email to email@example.com stating that you will be placing a banner and understand that the deadline is April 30. The city may review this date as the deadline approaches and possible extend the date.
Unemployment Information for employers regarding COVID-19 claims
NEW Information for filing for unemployment, mandatory filing by employers for partial claims, and reemployment services.
$2 Trillion Stimulus Package
Everything Georgians need to know about the stimulus payments, unemployment, and more.
Family Medical Leave Act
Beginning April 2, anyone that has a child unable to go to school (or other childcare is closed) will qualify for the new definition of FMLA, meaning the government will pay 66% of salary (up to $1k/week for 10 weeks – equivalent of 66% of $78k/salary). This is an immediate negative payroll tax so you get the money very quickly.
Georgia COVID-19 Hotline
If you believe that you are experiencing symptoms of COVID-19 or have been exposed to the novel Coronavirus, please contact your primary care doctor, an urgent care clinic or your local federally qualified healthcare center. Please do not show up unannounced at an emergency room or health care facility. Contact COVID-19 Hotline: 844-442-2681
Stay Alert: Fraud & Scam Protection
The Department of Justice is remaining vigilant in detecting, investigating and prosecuting wrongdoing related to the crisis. Find out how you can protect yourself and helpful resources on DOJ’s Coronavirus Fraud Prevention website. The Federal Trade Commission has also established a website with information to help consumers avoid coronavirus-related scams.
Gwinnett’s go-to webpage offering real-time information about the most critical needs and how people can help. It will also offer reliable ways for people in need to find the resources they seek.
Georgia Restaurant Association
Resources for owners and operators of restaurants, including information of small business loans, taxes, the Georgia Department of Labor, and other pertinent information.
Facebook Small Business Grants
Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses.
American Express Merchant Financing
AMEX is providing rapid 12 month working capital loans at reasonable rates.
Restaurant Workers' Community Foundation
An advocacy and action non-profit created by and for restaurant workers, this page is a collection of information and resources that will help restaurants and workers deal most effectively with COVID19.
The Giving Kitchen
Resources serving Georgia's food service community.