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Stimulus Cash - Free Money to Keep Employees on the Payroll
저장한 시리즈 ("피드 비활성화" status)
When? This feed was archived on November 03, 2023 03:23 (). Last successful fetch was on September 28, 2023 11:16 ()
Why? 피드 비활성화 status. 잠시 서버에 문제가 발생해 팟캐스트를 불러오지 못합니다.
What now? You might be able to find a more up-to-date version using the search function. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.
Manage episode 258478172 series 2291758
Congress is spending $350 billion to help small businesses through the Paycheck Protection Program known as PPP. This stimulus package is part of the $2 Trillion stimulus packaged named CARES Act.
How Will It Help Small Businesses?
Small businesses will receive loans up to $10 Million as long as they have fewer than 500 employees. The interest rate is at 1% and the loan term is two years. What is unique about these loans is that they are “forgivable” which means that the owners get to keep the money if they use it to keep paying employees who earn less than $100,000 a year, or for monthly rent (or mortgage) and utilities. However, 75% of the loan proceeds must be used to pay for payroll. Also, the first loan payment will be deferred for six months. If the owner elects to use the money for anything else, then they must repay the money within two years at a 1% interest rate with a government guarantee protecting the bank or credit union from the loss.
321 에피소드
저장한 시리즈 ("피드 비활성화" status)
When? This feed was archived on November 03, 2023 03:23 (). Last successful fetch was on September 28, 2023 11:16 ()
Why? 피드 비활성화 status. 잠시 서버에 문제가 발생해 팟캐스트를 불러오지 못합니다.
What now? You might be able to find a more up-to-date version using the search function. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.
Manage episode 258478172 series 2291758
Congress is spending $350 billion to help small businesses through the Paycheck Protection Program known as PPP. This stimulus package is part of the $2 Trillion stimulus packaged named CARES Act.
How Will It Help Small Businesses?
Small businesses will receive loans up to $10 Million as long as they have fewer than 500 employees. The interest rate is at 1% and the loan term is two years. What is unique about these loans is that they are “forgivable” which means that the owners get to keep the money if they use it to keep paying employees who earn less than $100,000 a year, or for monthly rent (or mortgage) and utilities. However, 75% of the loan proceeds must be used to pay for payroll. Also, the first loan payment will be deferred for six months. If the owner elects to use the money for anything else, then they must repay the money within two years at a 1% interest rate with a government guarantee protecting the bank or credit union from the loss.
321 에피소드
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