In this time of uncertainty with the COVID-19 pandemic, many parents who own small businesses are increasingly nervous about whether there will be enough revenue coming in over the next few months to sustain payroll for themselves and their employees. These fathers or mothers are self-employed, and thus aren’t eligible for unemployment benefits, but still may need assistance to keep their small businesses afloat.
The federal stimulus package, known as the Coronavirus Aid, Relief and Economic Security (CARES) Act has allocated $350 billion to help small businesses keep their employees employed amid the anticipated economic hardship during this pandemic. The Paycheck Protection Program (PPP) provides a loan of up to 2.5 months of payroll during the emergency to small businesses that maintain their payroll and employees. This package may be exactly what employers and employees alike need to sustain their business during the various Shelter in Place Orders that have had a devastating impact on small businesses.
However, perhaps the most attractive aspect of the program is that these loans may be forgiven if the employers maintain their payrolls during the pandemic and/or restore their payment of payroll upon receipt of the loan. The repayment terms on any amount of the loan not forgiven are up to 10 years with a low interest rate.
The Paycheck Protection loans are open now through June 30, 2020 and are given on a “first-come-first-served” basis. As such, if you or your employer have an urgent need and would qualify for the PPP, immediately reach out to your bank and/or a SBA lender for immediate assistance. Sefton Kelly Family Law can also help by putting you in touch with an approved PPP lender and providing you more information about the package. Please contact us for any assistance. We are in this together, and will get through it, together.
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