Webinar Recording: Small Business Resources During the Shutdown

KCS Wealth (Byline: Katrina Soelter, Laura Gilman, and Scott Gaynor)

April 2, 2020

If you are a small business owner and wondering how to navigate the different federal, state, and local resources during the Covid-19 shutdown, this webinar will walk through your options and share where to go to get more information. Note: Updated information has been released since this recording.

PDF of the slides here: Small Business Resources During The Shutdown

Based on the updated “Interim Guidance” released in the evening on 4/2/2020, here are some key clarifications of the PPP since our webinar:

Interest rate is now listed as 1% for the loan

2 year term, 6 months of deferral of payments

Application form was updated to add additional categories at the top

Fact sheet is more specific about how the PPP interacts with sick pay, family leave policies, and other credits

Employers can ONLY use EITHER the PPP or the Employee Retention Credit. Thank you, Winningham Becker, for this update. See a summary of the credit here.

Independent contractors do not count as employees for purposes of the loan. They are able to apply for their own loan starting April 10.

Additional documentation will be needed along with the application form. Per the interim guidance:

SBA Form 2483

Payroll documentation

SBA Form 2484

Additional documents as requested by each bank