As a small business owner you are likely being bombarded with information about funding available through the Small Business Administration (SBA) Paycheck Protection (PPP) Loan program (part of the CARED Act) right now. Everyone from your banker, banks you've never heard of, to software companies are sending out messages and wanting a piece of the pie.
When you have questions and need help, turn to those you already know and trust, CSI Accounting & Payroll.
We’ve been at the forefront educating and staying on top of all the recent programs, opportunities, rules, etc. We can work with your existing bank if they are offering the PPP Loan, or connect you with a lender that is participating.
Steps to get moving so you can collect up to eight (10) weeks’ worth of your payroll costs (including employer paid health insurance and retirement expenses):
- Email us for next steps being sure to provide your contact info.
- We will put together the payroll side numbers needed and tell you exactly what else you need.
- Sign and return the PPP Loan agreement we will send you immediately after we receive number 1.
- We will help complete the loan agreement and/or provide the information necessary to do so.
- Your loan is submitted to your bank or another bank for processing. After approval and processing you will receive your funds in your designated bank account (this can be as fast as the same day (a few folks received money on Friday 4/2/2020!), but may take up to 2-3 weeks in some cases).
- Use the money for the intended reasons of paying payroll (including health insurance premiums and retirement benefits), as well as some rent, utilities, and mortgage interest.
- After the money has been used, assuming you have agreed to have us help you, we will work with you to get the loan amount forgiven by the issuing bank.
Please do not hesitate to call our team for further information. We will be distributing application instructions as appropriate and when available.
To see more updates like this, especially those that impact small businesses, follow us and visit CSI’s COVID-19 (Coronavirus) Resource Center.