April 1, 2020 In COVID-19, Our Two Cents
Tony Rose was honored to be a guest on the Genius Network podcast with Joe Polish and Jim Dew discussing the CARES Act and how it applies to businesses.
Listen here: Genius Network Podcast
This podcast covers many of the questions we have received about the CARES Act, the new loan program, and other relief strategies, such as:
- The SBA’s COVID-19 loan program, called Paycheck Protection Program, which allows businesses with 500 or fewer employees to qualify for a loan up to 2.5 times their average monthly payroll, or $10 million, whichever is less. Banks are expected to start taking applications on Friday April 3, and some uses of the loan, such as payroll expenses, are 100 percent forgivable, assuming certain criteria is met.
- What to do if you have already furloughed workers and want to apply for a PPP loan.
- Another SBA loan program, Economic Injury Disaster Loans (EIDL), which may allow for a $10,000 emergency advance within three days of applying.
- Other strategies, incentives, and strategies to increase your cash and keep your business going during the Coronavirus Recession.