Qualifying small businesses can now apply for Paycheck Protection Program (PPP) loans through certain lenders. The Small Business Administration (SBA) reopened its PPP portal on January 11, 2021 after Congress passed and the President signed legislation in December 2020, authorizing the continuation of the program and an additional $284 billion in funds. The program allows for two types of applications: First Draw Loans to qualifying entities that did not receive a PPP loan in 2020,…
Read MoreOn Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law, and one part of it includes two loan programs for small businesses. Paycheck Protection Program (PPP) Loan Owners of businesses, including nonprofits, with less than 500 employees that have been impacted financially due to the coronavirus can apply for a nonrecourse loan up to the lesser of $10 million or roughly 2.5 times the average monthly payroll…
Read MoreAs the global pandemic brings business and the economy to a grinding halt, you may wonder what steps you can take now to protect your business, your employees, and your customers. CISA.gov lists the Information Technology Sector as one of 16 critical infrastructure sectors needed to stay open and operable during a national crisis. Here are some steps you can take right now to alleviate stress on your business. Payroll The IRS outlined provisions for…
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