HA Strategy

Overview, open post and read and please share

The Coronavirus Aid, Relief, and Economic Security (CARES) Act creates a new Small Business Administration (SBA) loan program, called the “Paycheck Protection Program” (PPP). The Paycheck Protection Program provides small businesses with zero-fee loans of up to $10 million to cover payroll and other operating expenses. Up to 8 weeks of payroll, mortgage interest, rent, and utility costs can be forgiven. Payments on principal and interest are deferred for six months and up to one year. Small businesses will be able to apply if they were harmed by COVID-19 between February 15, 2020, and June 30, 2020. This program is retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans are available through June 30, 2020.

Eligibility

You are eligible if:

Your business or entity was in operation on February 15, 2020;
You are a small business, a 501(c)(3) nonprofit organization, a 501(c)(19) veterans organization, or tribal business concern that has fewer than 500 employees, or the applicable size standard in number of employees for the North American Industry Classification System (NAICS) industry as provided by SBA, if higher.
You are a sole proprietorship, an independent contractor, or self-employed.
You are a franchise business that employs not more than 500 employees per physical location and your business has an NAICS code beginning with 72, for which the affiliation rules are waived. Affiliation rules are also waived for any business operating as a franchise that is assigned a franchise identifier code by the SBA, and any company that receives funding through a Small Business Investment Company.


Loan Size:

Your maximum loan size is 250% of average monthly payroll costs from February 15, 2019, to June 30, 2019. If you are a seasonal employer, you can opt to choose March 1, 2019, as the time period start date.
If you were not in business this time last year, your maximum loan is equal to 250% of your average monthly payroll costs between January 1, 2020, and February 29, 2020.
The loan maximum in all cases is $10 million.
Payroll costs for the purposes of determining your loan

Any business owners who may have been impacted by the COVID 19 and needs working capital assistance, HA Strategy CPA can help. Give our office a call at 833-829-9666, Monday-Saturday 9am-6pm.

We have already helped clients obtain SBA financing.

We can help you with applying for the SBA disaster relief program offered by the government.

Such a great and successful entrepreneur and a client of HA Strategy. Cheers for your continued support and commitment Soreny. ✨

HA Strategy is proud to welcome Evens Group Home Inc to our family of growing entrepreneurs in the Tampa Bay market! We our their proud accountants to their exploding business!