In case you have not followed news of the Payment Protection Program and the COVID-19 federal loan dollars available to fitness business owners, contractors and self-employed professionals, the following information is essential to understand and act upon immediately.
According to sba.gov, the Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
“Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
Under this program:
- Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
- Loan payments will be deferred for six months.
- If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.”
Friday, April 3 (small businesses and sole proprietorships), and Friday, April 10 (contractors and self-employed), mark crucial dates to apply for financial relief available from the PPP. Do not delay. This is a first-come, first-served process. Please get organized and gather all essential paperwork described in the links below.
Verify the following first: Your lender must be a SBA 7(a) lender or a participating federally insured depository institution, federally insured credit union or Farm Credit System institution. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.
What you need to know—Small Business Paycheck Protection Program Overview
Links to additional FAQs:
- Paycheck Protection Program
- CARES Act/Paycheck Protection Program Dynamic Updates
- Economic Injury Disaster Loans and Loan Advance
- EIDL Dynamic Updates
- SBA Debt Relief
- SBA Express Bridge Loans
- Guidance for Businesses and Employers
- SBA Products and Resources
- Government Contracting
- Local Assistance
- Sample PPP Application Form
- Relief Programs, State by State
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