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COVID 19 Resource Links and Information


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Hello everyone, I am suggesting we have a thread with comments that only relate to information regarding help for businesses or communities affected by recent events.

 

I will start the thread by listing relevant links I have at this time:

the U.S. Treasury Department has released a draft application for the Paycheck Protection Program (the
new forgivable loan program) created by the CARES Act. The Paycheck Protection Plan application process starts
Friday, April 3, 2020 and those eligible and interested in applying should begin that process as soon as possible:


- For a top-line overview of the program:
https://home.treasury.gov/system/files/136/PPP -- Overview.pdf


- If you’re a borrower, more information and links to SBA lenders http://www.sba.gov/ can be found here:
https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf


- The application for borrowers can be found here:
https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf


Importantly as well, we have included links to Small Business Administration (SBA) resources that will help navigate
the government subsidies, loans and programs available:


- The SBA’s Local Assistance Page, https://www.sba.gov/local-assistance which provides local resources and
information on offices and other resources around the country;


- Lender-Match, https://www.sba.gov/funding-programs/loans the SBA’s tool to find local banks and lenders
based on your needs and;


- SBA’s Coronavirus Resource Page:
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

 

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I have begun to plan the next 30-60 days from a staffing perspective, making the assumption that we will receive a PPP loan that will cover 60 days worth of payroll and some expenses.  I wanted to find a way to do some "what if's" as it applies to staffing levels during the 8 week "expense period", that any PPP Loan forgiveness, will be based. 
 
I suspect we will be be funding our PPP loan by the end of this month, since the time between receiving a loan number and funding of the loan has been set at 10 days maximum. I expect the banks will use up 5 or more days of the 10, just getting loan documents together.  It will probably happen pretty fast. 
 
I tried all the calculators below and attached. Each has some strong points. I suggest starting with the Inuit (quickbooks) link directly below. I suspect they are the most likely to keep this tool up to date. Might help with planning, as your PPP loans start to get funded
 
If you are looking for forms, notices and/or policy documents, the link at the bottom has a good assortment
 
It does not sound like forgiveness is going to be a "gimme", and will require above average record keeping. The professionals I listen to daily are telling the same message as we heard on the IMDA webinar. Keep the funds segregated and make transfers or transactions in such a way as to make them easily match to qualified expenses. My guys are telling me that the funds from the PPP Loan should have their own bank account or at least sub account, to transfer funds out of. It is the banks we borrow from that will be setting bar, and it sounds like they will be setting it hi to cover their ass, and make sure they get paid.  Does not sound like the banks are going to stick their necks out at all, if we haven't done our part. It is sticky enough that CPA's are being warned against acting as "agents" on PPP loans on behalf of their clients. Getting a PPP loan may be a "no-brainer", getting forgiveness, likely not. 
 
 
 
 
Randy Lucyk
Midas Kalkaska
231-258-2889
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PPP-Loan-Forgiveness-Calculator w example.xlsx

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