Paycheck Protection Program - Everything You Need To Know (How To Apply For PPP Loan)

Covid-19 Disclaimer:
This video was recorded on March 27, 2020.
Please be advised that any and all information shared in this video is subject to change. Given the extremely dynamic and rapidly evolving nature of COVID-19, the commentary shared in this video does not take into account any future information, studies, or updates on the impact of coronavirus.

The recently enacted Coronavirus Aid, Relief, and Economic Security Act (CARES) earmarks $350 billion in forgivable loans for small businesses. This initiative, the Payroll Protection Program (PPP), could be a game-changer for companies across the country. The maximum loan is a hefty $10 million, and any small business affected by the Coronavirus (COVID-19) is eligible.

There are 30 million small businesses in America that employ almost 59 million people. 80% of the 30 million “small businesses“ in The United States are solo entrepreneurs, sole proprietors, 1099 contractors, etc. They are the backbone of the job market and the economy in the US.

The PPP is designed to provide a lifeline to small businesses, nonprofits, Tribal businesses, and veterans’ organizations with 500 employees or fewer. It’s important to note that for multi-location operations, the 500-employee limit is per location. The program offers partially forgivable loans to cover short-term operating expenses during this economic crisis.

Here are some resources for small business owners to learn more about PPP and to apply for a loan: https://www.wesmoss.com/news/understa...

Tom Sullivan Interview (He helped to actually write the small business relief included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act): https://www.wesmoss.com/radio/tom-sul...

If you have questions on what the CARES Act could mean for you or you are interested in working with our investment committee and the team of financial advisors at Capital Investment Advisors, please let us know.

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