Paycheck Protection Program
**Update - 05/15/2020 - SBA Loan Forgiveness Application Form 3508 released
Apply for PPP with any SBA lender. May be fully forgivable. Loans = average monthly payroll expenses x 2.5. Use for payroll, utilities, rent, mortgage interest. 1% loan/2 yrs. Payments deferred 6 months. Can be used in conjuntion with EIDL loan if used for different expenses.
Economic Injury Disaster Loan
**Update - 4/27/2020 - SBA will resume accepting applications as soon as they are caught up.
Apply for EIDL directly with SBA. Must attest to economic need due to COVID-19. Repay at 3.75% (2.75% non-profits) up to 30-years. First year’s payments deferred. Possible forgivable emergency advance of up to $10k. Can be applied for w/ PPP if used for different expenses.
Employee Retention Tax Credit
Refundable credit up to $5,000 per employee taken against payroll tax deposits. Cannot be used if using other programs for payroll costs. Sales must be down at least 50% from same quarter in 2019.
Payroll Tax Deferral
Defer payment of employer portion of social security taxes on wages paid through 12/31/20. Repay 50% - 12/31/21 and 50% - 12/31/22. Can be used along with a PPP loan up until the day loan is forgiven.