Keiter COVID-19 Business Impact Series Webinar Materials
PPP Funding 2.0: What Small Businesses Need to Know
Watch Recording on our Blog Here
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State Tax Issues Due to the COVID-19 Pandemic
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Paycheck Protection Program Loan Forgiveness Application Update
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Preventing and Detecting Cyber Intrusions in a Remote Work Environment
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The CARES Act - Individual and Business
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Employer Payroll and Tax Relief Provisions of FFCRA and CARES Act
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CARES Act – Understanding the SBA Loan and Financing Provisions
Download PowerPoint Presentation Here
*UPDATE 4/2/20*
Alert…new SBA guidance has just been released. Three main points to consider:
Change in Interest Rate
The interest rate on the loan is now 1% vs the 0.5% from yesterday… which is down 4% from the CARES Act.
Change NOT to include Independent Contractor payments in the loan calculation
Based on the excerpt below released this evening – a business cannot use independent contractors in its calculation of payroll costs for purposes of the loan calculation.
This guidance is in direct contrast to the CARES Act which created the loan.
If you included independent contractors in your payroll calculation for purposes of determining the loan amount… you should update the calculation.
- If you have not already filed for the SBA loan – remove the contractor pay from the calculation.
- If you have filed, retract your application and update accordingly.
- If you are unable to retract your current application – reach out to your banker to have them modify.
Caution: Do not submit duplicate applications or you will delay processing.
Change for the loan forgiveness calculation
In order to qualify for loan forgiveness, wages paid during the 8 week period following receipt of the loan now have to be no less than 75% of the loan forgiveness.
If you have any questions, please do not hesitate to contact your Keiter advisor.
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Disclaimer: These presentations have been prepared for general guidance and informational purposes only based on the date published. The FFCRA and CARES Act are continually releasing new guidance that may change the information provided within this presentation. This information does not constitute professional advice. You should not act upon the information contained herein without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained herein. © 2020 Keiter, All Rights Reserved