Today I want to talk to you about the CARES program and also a little bit about the FFC program, which stands for the family first coronavirus program.
How to apply for these programs and how easy it is for you to apply to the PPP program.
IT service provider companies in this case you can get a sum of things. The first includes all of your W-2 wages that you’re paying out; it also includes the owners Schedule C income or K1 income, through a partnership.
All of this is up to $100,000. It comes out to $100,000 per employee. It also includes health care as well as employer pay taxes on employee pay taxes are also included in those.
The amount of the loan that you can potentially get is based on a 12 month calculation. Some interesting things about this are that there are no credit checks, no owner’s signature, nothing like that.
The loan is available for free so you will be able to have a portion of the entire amount forgiven tax-free and this is really the important part of this financial recovery money that the federal government has put together.
Forgiveness works for the 8 weeks following the date of origination. Your payroll cost and health care costs during that period of time. Any rent, so as long as rent or lease was in place prior to February 15th, 2020.
Any interest that is due on a mortgage or on sale line of credit or a long-term loan something like that as long as it originated prior to that date, is also included in the forgiveness costs as well as utility gas and electricity.
We believe telephone and internet are significant costs to all and are potentially forgivable under this program. The ssra is important because it requires United States MSP’s to give their employees time off. The interesting part about this program is that it is accredited to pay for the time off for employees they’re staying home to take care of someone who’s sick and also child care.
This is important to dollars under the fcra credit we can’t also take the grant money from from the cares act and we can’t take the forgiveness.
Let’s talk a little bit about the ideal or economic injury disaster loan for hurricanes and tornadoes. That it includes a very quick turnaround process and it includes a grant of $10,000 that is available to small businesses again under 500 employees.
Even if you’re turned down, the idea alone under the PPP program is that you cannot apply again. If you get that grant has removed from the forgiveness that should get under the PPP.