Hosted by David Lupberger, this is a weekly call to cover important COVID-19 information. David is a NARI member and National speaker.
The CARES ACT overview:
COVID-19 Economic Injury Disaster Loan
$350 billion for SBA loans to cover rent/mortgage, utilities and payroll
You can apply for this program ONLINE now!
Paycheck Protection Program
$350 billion to help small businesses keep workers employed
Less than 500 employees, also independent contractors, sole proprietors and self-employed
Can borrow up to 2.5 times the borrower’s average monthly payroll costs (exclude payroll taxes, income taxes)
Limited to $100,000 of annual salary for any individual employee (same limit applies to sole proprietors and self-employed)
Loans will be FORGIVEN for expenses during the first 8 weeks after the loan (Payroll costs, Mortgage Interest, Lease Payments, Utility Payments)
Here’s the catch: the amount of loan forgiveness is reduced if there is a reduction in the number of employees or more than a 25% reduction in wages paid to employees.
That is our content for this Friday, April 3rd. To re-register for the recurring Friday webinars, please click on the link below:
https://register.gotowebinar.com/register/5271688070032983309
We look forward to seeing you online this Friday! Thanks.
