4Thought Blog

4thought graphic - blog 2020

Lainie Smith

Recent Posts

Coronavirus Stimulus Small Business Loans: FAQs for Business Owners

Posted by Lainie Smith on Wed, Apr 8, 2020

Many small business owners are working furiously to try to qualify for the new Paycheck Protection Program loans that were part of the Coronavirus stimulus, or CARES Act.

The Paycheck Protection Program provides small businesses with loans meant to help support payroll during the period February 15, 2020 through June 30, 2020 through 100 percent federally guaranteed loans if they maintain their payroll and employees during this emergency.

If the employer maintains its payroll and employees, then the portion of the loan used during the covered period for eligible payroll costs, interest on mortgage obligations, rent, and utilities would be potentially forgiven on a tax-free basis.

Read on below to get answers to some frequently asked questions about the new loans, which became available April 3.

Read More

Topics: Business consulting, 2020 Coronavirus

Subscribe for more Timely Tips for Businesses

Recent Posts