April 1, 2020 Editor’s Note: Thank you for viewing this resource about the Paycheck Protection Program (PPP). This was a cornerstone for many organizations during the COVID-19 pandemic, but it’s important to stay current on the latest financial support options. Like PPP, the Employee Retention Credit (ERC) can be leveraged to bring your business significant financial relief. We invite you to dive into our ERC content here. Need professional advice on maximizing your ERC benefits? Learn more about our Employee Retention Credit consulting services and then contact us. The SBA is not accepting applications from lenders until April 3rd. However, it is highly encouraged that you start your application with your lender now. Funds are expected to be limited. Here are some documents to get you started: • Paycheck Protection Program (PPP) Information Sheet (Click Here): This is a good document to read to start to advise you on the decision to apply and the rules around the program. • Paycheck Protection Program Sample Application Form (Click Here): This is a sample from the Treasury Department’s site. PLEASE reach out to your lender for the their specific application and to understand how they are managing the process. Further instructions for how to apply for the aid are posted on the following federal sites: • SBA • U.S. Department of the Treasury Again you can contact any existing Small Business Administration lender, as well as any FDIC-insured institution, credit union or financial-technology lender that has signed up for the program for relief to aid you in this process. It has come to our attention that not all lenders may be participating at this time. Therefore, we highly encourage you to contact them to determine if they are able to assist you. KatzAbosch will continue to provide additional in-depth updates around this topic. As always, If you have questions or concerns on how these programs or other provisions in the CARES Act may impact your situation, please contact us.
