Financial and Tax Assistance
CSCNetwork is committed to keeping our Members abreast of the changes as quickly as possible. Please see resources below.
U.S. Small Business Administration (SBA) posted Coronavirus (COVID-19): Small Business Guidance & Loan Resources with detailed information on funding options for your small business.
America’s Small Business Development Centers (SBDCs) produced Small Business Resiliency materials to help you plan for unexpected disruptions.
U.S. Chamber of Commerce created a Coronavirus Small Business Guide, which is updated daily.
SBA Provides Safe Harbor Provision for
PPP Loans under $2 Million
On Wednesday, May 13, 2020, the SBA announced a provision for PPP loans under $2 million.
Businesses that together with their affiliates accepted Paycheck Protection Program (PPP) funds of less than $2 million will be assumed to have performed the required certification concerning the necessity of their loan requests in good faith, according to guidance posted by the U.S. Small Business Administration (SBA).
Click here for information provided by CSCNetwork's CPA firm, Puryear & Noonan, about this provision.
Payroll Protection Program (PPP): April 3, 2020 was the first day for which the applications could be submitted. Banks just received guidance from the Treasury Dept.
late yesterday afternoon. It is recommended that you talk with your bank for the latest information on the application timeline as they are working on training their staff and
putting their application process in place.
New Payroll Protection Loan Application
Along with the guidelines, a new application for the PPP program was released. You can download the latest version as of 4/3/20 here.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Click below to see if you qualify.
Business Loan Program Temporary Changes; Paycheck Protection Program
What the $2T Coronavirus Aid Package Could Mean for U.S. Small Businesses
Please read the article to see how the CARES act can help your business and if you qualify for assistance.