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2 3 4 5 6 www.sba.gov 7 8 Stay Up to Date: Subscribe for - PowerPoint PPT Presentation

Mar 11, 2024 •116 likes •267 views

2 3 4 5 6 www.sba.gov 7 8 Stay Up to Date: Subscribe for email alerts: www.sba.gov/updates Follow us on Twitter: @SBA_WestTX Our Office: 806-472-7462 Disaster Customer Service: 800-659-2955 disastercustomerservice@sba.gov 9

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  7. www.sba.gov 7

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  9. Stay Up to Date: Subscribe for email alerts: www.sba.gov/updates Follow us on Twitter: @SBA_WestTX Our Office: 806-472-7462 Disaster Customer Service: 800-659-2955 disastercustomerservice@sba.gov 9

  10. Important Links: www.sba.gov/coronavirus https://home.treasury.gov/cares https://www.benefits.gov/ https://www.usa.gov/coronavirus en Español - www.gobierno.usa.gov/coronavirus 10

  11. Beware of any email or website, etc ending in “ sba.help ” No application fee, Free to apply No Immediate Deadline to Apply 11

  12. Paycheck Protection Program The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses Purpose : Help pay their employees during the COVID-19 crisis. • The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8-week period after the loan is made • Employee and compensation levels are maintained. 12

  13. Paycheck Protection Program Significant Differences between CARES Act (PPP) and the Interim Final Rule: • Term: 2 years instead of possible maximum term of 10 years; • Forgiveness: 75% of loan proceeds must be used for payroll costs; • Deferral: 6 months instead of possible 12 months; • Interest: 1% instead of maximum amount 4%; • Borrowers can only apply for one PPP loan; and • Potential liability for misuse of funds. 13

  14. PPP Customer Service Phone Number 833-572-0502 Website: SBA.gov Home.treasury.gov/cares Applicant Form 2483 Lender Form 2484 14

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