CARES Act Resources for Small Businesses

“Every business owner needs to be taking advantage of at least one of these programs”

COVID-19 has had an extreme impact on small businesses. We understand this is a tough time for many people. At PL Consulting, we are running at full capacity while taking safety precautions to keep our staff, clients, and community safe. We are here to get you through this abnormal situation. If you have any questions, please reach out to us. We have already submitted 20+ applications for our clients and can help you too.

CARES ACT

The CARES Act was signed into law by President Trump on March 27th, 2020. The Act is broad in scope and can be confusing. In the links below we break down everything you need to know about it.

CARES ACT Information: https://ecs.page.link/1ASqM

More information on the CARES Act: https://ecs.page.link/bXmdC

Economic Injury Disaster Loans

Economic Injury Disaster Loans (EIDL) are available to businesses suffering from COVID-19 related financial hardship. This can cover up to $2M in operating expenses. These loans have favorable repayment terms and an up-front grant of $10K. The grant portion of the loan should be received within three days after applying with the SBA. The application for this loan can be submitted online directly with the SBA.

EIDL Application: https://covid19relief.sba.gov/#/

Payment Protection Program

This information we compiled about the Payment Protection Program (PPP) will help determine your business’s eligibility. We also answer questions about the amount businesses are eligible for and the circumstances for loan forgiveness. More information on the loan is provided in the links below.

PPP Information: https://ecs.page.link/4s7qD

PPP Application: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf

Payroll Tax Deferral

50% of Social Security tax payments from 3/27/19-1/1/21 can be deferred until 12/31/21. The other 50% is due by 12/31/22. This relief is not available to those who receive SBA loans.

Payroll Tax Credit

Businesses that suspended operations or have seen a 50% decrease in revenue from the same calendar quarter of the prior year can claim a quarterly credit for the employed portion of Social Security taxes up to $5K per employee. The credit is refundable if it exceeds the total Social Security taxes otherwise payable in the quarter. This relief is not available to those who receive SBA loans.

Additional Resources

Below are some more resources you may find helpful and relevant for your small business.

• Managing the COVID-19 Impact as a Business
• 100 Most Active SBA 7(a) Lenders

Contact PL Consulting For Your Small Business Needs

Serving the Baltimore area for several years, we are dedicated to providing customized service to fit each one of our client’s unique needs. We understand you may still have questions about the CARES Act, so please contact us at 410-764-3731 or https://plcfo.com/contact/. Please be patient as we attempt to respond to all inquiries in a timely manner. You can also follow us on Facebook and LinkedIn for more updates.