Information from Russell Thompson Butler & Houston LLC

Good Morning, Passing along brief updated guidance that was published by the SBA last night. A revised application was released, which can be accessed here. E-signatures can be used. Confirm with your lender regarding protocol for submission Payroll period to be used is generally calendar year 2019, unless you are a seasonal business Confirms independent contractors do not count as employees when calculating payroll costs. Question 7 changed. Currently, it reads: “Is the United States the principal place of residence for all employees of the Applicant included in the Applicant’s payroll calculation above”. It previously inquired about the U.S. citizenship status of 20%+ …

Good Evening, This afternoon, the US Treasury issued top line guidance on the Paycheck Protection Program (PPP). Please reference each link below for specific guidelines: Small Business PPP Overview PPP Information Sheet for Borrowers PPP Application Form, including Instructions Items to note, according to the information released today: The interest rate is 0.5%. Previous information indicated the rate would be up to 4.0%. The term of the loan is 2 years. Previous information indicated a 10-year term. It is anticipated not more than 25% of the forgiven amount may be for non-payroll costs. Small businesses and sole practitioners may apply starting April 3, …

Good Afternoon: Please be aware that the Paycheck Protection Program (PPP) has a total of $349 billion available to fund all loans across the U.S., and banks are anticipating a high demand for these funds. Since there is an overall limitation of the total loans available under the PPP, we recommend that you notify your banker right away that you intend to submit an application and inquire about the documentation requirements. While the Small Business Administration is still finalizing documentation requirements for lenders, we recommend that you be ready to provide the following information: Payroll reports for 2019 and 2020 …

Good afternoon, We hope you, your families, and your co-workers are staying safe. Please click here for a comparison of loan opportunities under the SBA Economic Injury Disaster Loan (EIDL) process and the CARES Act Paycheck Protection Program (PPP). The EIDL application process continues to be available online. The PPP loans will be coordinated by banks which have been approved as SBA lenders. We understand these banks are awaiting guidance from the SBA, so the application process is still being developed. We expect that most businesses with payroll and self-employed individuals will want to apply for the PPP loans, as these loans are generally …

CARES Act: The Coronavirus Aid, Relief, and Economic Security Act – Update President Trump this afternoon signed the CARES Act, a $2 trillion aid package for Americans in response to the Coronavirus crisis facing our nation. Below is an outline of a few CARES Act specifics that we feel you should be aware of: Individual Tax Relief\ Based on your 2019 tax return, or your 2018 tax return if 2019 has not already been filed, the IRS will issue payments in the amount of $1,200 for single filers or $2,400 for married filing jointly, plus $500 for each child under the age …