Tentative Small Business Loan Program
Tentative because we are waiting on the House vote and Trump’s signature.
The program is set up to encourage small businesses (< 500 employees) to retain employees and contractors.
Loans will be made by banks through the SBA loan program. You must apply and be approved. Approval is supposed to take as little as 24 hrs. We will see.
Loan amounts are to be based upon wages/salaries actually paid from 1/1 through 2/29/20 (and presumably contractor fees?).
Loans will bear 4% interest but principal may be forgiven ASSUMING YOU MAINTAIN THE AVERAGE SIZE OF YOUR WORKFORCE (not sure for how long?)
Loans can be used for payroll, rent, utilities and HC premiums.
Stay tuned for House changes, if any.
Federal Income Taxes
Filing and payment delayed until 7/15/20 for individuals.
03/27/2020
By: Gary Grottke, CPA, Quality Back Office