Information for Businesses during the COVID-19 crisis:

Here is the information you will need to apply for these loans.

The disaster loan is a $25,000 low interest loan with $10,000 available immediately.

 

The PPP loan is 2.5 times your monthly wages and will take several weeks for the money to arrive.

Once the loan funds arrive, the next eight weeks will determine whether you can get this loan forgiven.

You must immediately rehire your employees and use this loan for payroll, rent, mortgage interest, and utilities

It is not to be used for anything else.

Once we are given the details on forgiveness we will pass those along to you.

**Note: You cannot have both the PPP and EIDL Loans however you may be  able to roll the EIDL loan into the PPP loan. You will need to speak to your lender about this situation

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

The Paycheck Protection Program will be available through June 30, 2020 or until all available funding is dispersed.

Please find more information at the SBA website below:

Use the link below to access the application and complete with the information provided to you from Byerly and take to your local SBA lender to apply for the PPP loan. 

The Economic Injury Disaster Loan Program (EIDL) can provide up to $2 million of financial assistance (actual loan amounts are based on amount of economic injury) to small businesses or private, non-profit organizations that suffer substantial economic injury as a result of the declared disaster, regardless of whether the applicant sustained physical damage.

Economic Impact Payment Info:

Families First Coronavirus Response Act (FFCRA or Act) Poster for Businessess:

© Byerly & Associates, CPA

440 N Dean Road, Auburn, AL 36830

334-741-1040

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