The“CARES” act economic stimulus bill generated headlines with $1,200 checks for people earning less than $75 thousand a year- but there is more help in that stimulus package for small businesses including a "Payroll Protection Loan."
This is a loan that can turn into a grant if the business is able to retain its employees. Attorney Patrick Neale in Naples explains that in spite of its name- the money doesn’t have to be tied only to payroll.
"You can use the proceeds not just for payroll, although it’s primarily for payroll protection. But you can also use it to pay interest on a mortgage, rent, utilities, or other debts that you’ve incurred in that time,” Neale said.
Still, Neale adds, an employer will have to prove that they’ve kept their payroll at the same level at last year for an eight week period. Only then can the loan convert to a grant.
There are two webinars being hosted by the Small Business Administration South Florida District Office tomorrow (Friday) at 9:00 AM and 1:00 PM. Links to those webinars are here:
Friday, April 3, 2020, 9:00 A.M. - 11:00 A.M.
Dial-in: 1-877-369-5243 or 1-617-668-3633; Code: 0420385
Entry Link: https://ems8.intellor.com/login/823448
Friday, April 3, 2020, 1:00 P.M. - 3:00 P.M.
Dial-in: 1-877-369-5243 or 1-617-668-3633; Code: 0698553
Entry Link: https://ems8.intellor.com/login/823657
Meanwhile, the Lee County Government has put together an informational resource for small businesses including information on Disaster Bridge Loans.
