For most of us, it has not been business as usual. Our business experts are ready to explain the essentials like payment assistance plans and applying for the relief programs that fit your needs. Find assistance programs below or or call our Business Solutions Center at 1-888-710-4237.
- We have compiled a list of federal programs, loans, and tax relief for businesses hurt by the pandemic.
- The Paycheck Protection Program was updated last week, with key adjustments including:
- Forgivable costs window: Previously, businesses were required to spend their PPP loan funds on costs incurred in the eight weeks after their loan was issued. That window was extended to 24 weeks or Dec. 31, whichever comes first.
- Expense breakdown: Previously, at least 75% of forgivable expenses were required to be spent on payroll costs. That threshold has been lowered to 60% (the remainder may be spent on allowable expenses like mortgage, rent, and utilities).
- Rehiring period: Previously, employers were required to restore their Feb. 15 FTE/salary/wage levels by June 30. That rehiring period has been extended to Dec. 31.
- The PPP loan forgiveness application is now available on the SBA website. You'll need to submit the forgiveness application to your lender. Work with your lender or visit PPP.bank to get started.