The Paycheck Protection Loan has a Loan Forgiveness feature. During the 8 week period beginning on the date a Paycheck Protection Loan is funded (the Forgiveness Period), a borrower will be eligible for forgiveness and cancellation of indebtedness for up to the full principal amount of the Paycheck Protection Loan. The amount eligible for forgiveness […]
Archives for March 2020
CARES Act – Paycheck Protection Loan Program
The CARES Act that has been passed by the Senate contains a Paycheck Protection Loan Program through the SBA. The program offers a maximum loan of the lessor of your monthly average Payroll Costs over the twelve months prior to the loan multiplied by 2.5 or $10,000,000. Basically, the maximum loan under this program is […]
H.R. 6201 – Frequently Asked Questions
President Trump signed the Families First Coronavirus Response Act (H.R. 6201) bill into law on March 18, 2020 in response to COVID-19. There will be additional bills that will add, possibly change, and certainly clarify bill H.R. 6201 in the coming days and weeks. I put together the following Frequently Asked Questions surrounding this bill […]