COVID-19 UPDATE

PPP Loans Forgiveness

If you are asking if I have received my PPP funds and are wondering what happens next and what do you need to make sure you do to get this loan forgiven, the SBA is still working on it. We have put up the forgiveness Application for you to review to make sure you have done in order to be compliance once the time comes time to apply for forgiveness. We will still try to answer any questions you may have, but the PPP loan situation is evolving as we speak.

The CARES ACT

Last week, the U.S. Congress passed and President Trump signed into law the CARES Act (the Coronavirus Aid, Relief, and Economic Security Act) - a significant piece of legislation that seeks to provide approximately $2 trillion worth of economic assistance to consumers and businesses.

As a part of the new legislation, the Small Business Administration (SBA) has created a nearly $350 billion loan program called the Paycheck Protection Program. This program is available to businesses with 500 or fewer employees to help with payroll, rent, utilities, healthcare costs and more. The SBA has also expanded a number of their existing programs, including the Economic Injury Disaster Loan program.

The federal government is currently finalizing the details and protocols about how and when different programs and relief will be implemented, and how Bank of America as a financial institution will help facilitate the execution of these programs.

If you believe that you will qualify for relief from the CARES Act:
Although details are still being finalized, some documentation may be required when applying for a program when it becomes available.

Based on the legislation, it may be helpful for interested business owners to gather the following information about their business:

1. 2019 Payroll - including the last 12 months of payroll
2. 2019 Employees - 1099's for 2019 employees and independent contractors that would otherwise be an employee of your business. (Note: Do NOT include 1099's for services)
3. Healthcare costs - all health insurance premiums paid by the business owner under a group health plan.
4. Retirement - your company retirement plan funding paid for by the company.

We understand this information can be confusing. We can only provide the information located on these websites. Please utilize these website resources to answer any questions: https://floridadisasterloan.org , https://www.sba.gov/funding-programs/disaster-assistance

A few side notes for the above information:

• Whichever bank you use for your business accounts will be the bank to contact for the PAYCHECK PROTECTION PROGRAM.


• You can find the majority of the information requested in the loan application on the Quickbooks Profit and Loss Report. For payroll, you can use the Payroll Summary Report on Quickbooks as well. The 1099s are for individuals or subcontractors, NOT SERVICES or RENT. The healthcare and retirement is what you, the employer, pays not what the employees pay.


• Your first step with any questions regarding this or other loans would be your bank. We only have access to the information provided. We cannot complete the application for you. There is also more information on bridge loans on the SBA website. They have an email address and toll free number to contact with questions.

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