Webinar Recording: Small Business Resources During the Shutdown
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
SBA Form 2484
Additional documents as requested by each bank