COVID-19

Payroll Protection Program (PPP Loan) through the U.S. Small Business Administration (SBA)

UPDATEACC is no longer accepting PPP Loans applications 

The SBA PPP loan program has a deadline for a loan to be approved is currently August 8th, 2020.  

For full details of the PPP program go to https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

Who is eligible:  Any small business with 500 or fewer employees.  This includes small businesses, S corps, C corps, LLCs, private nonprofits, faith-based organizations, tribal groups and veteran groups.  Also, Self-employed individuals wo file an IRS Schedule C with their Form 1040, such as independent contractors and sole proprietors, are also eligible.  (Partners who report self-employment income, however, are not eligible as self-employed individuals.)  See SBA website for full details.

Loan Forgiveness:  Borrowers will have their loan forgiven if they use the money designated expenses.  Participants are eligible for loan forgiveness for the amounts spent on authorized expenses over 24 weeks after loan disbursement.  Total payments for payroll may be forgivable.  Mortgage interest , rent and utilities are also forgivable up to 40% of the PPP loan.  To get the entire amount of the loan forgiven (assuming that at least 60% is spent on payroll and the rest on permitted expenses), you must meet two criteria.  First, the full-time employee count cannot decline from the average monthly levels during 2019, or March 1, 2019 to June 30, 2019.

Second, for loans to become full grants, employers cannot cut salaries or wages. If they do, the forgiven amount will be reduced.  Employers who already let workers go (between February 15 and April 26, 2020) have until December 31, 2020 to restaff.  See SBA website for full details.

Click on the link to download what ACC will need with your initial application request.

https://arcapital.com/wp-content/uploads/2020/04/FOR-PPP-Loan-Applicants-Cover-page-info.pdf

In anticipation of filing a PPP loan application, either through ACC or another participating lender, we encourage you to do the following:

https://www.sba.gov/sites/default/files/2020-04/PPP%20Borrower%20Application%20Form.pdf

Click on the link to see SBA’s information on eligibility, loan amount calculations, terms, uses, and other important information.

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp

Please keep referring back to this website regularly for any updates.

We look forward to helping eligible businesses work through this crisis.

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