Paycheck Protection Program Update (Part II) with Dent Moses managing partner, Mike Baker and SBA Lender, Nicole Reed of Capital Solutions.
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result of a government order limiting commerce, travel or group meetings. The credit is also provided to employers who have experienced a greater than 50% reduction in quarterly receipts, measured on a year-over-year basis.
The program is set to go LIVE APRIL 3 – Act Now to participate! On Friday, the CARES Act was signed into law. One of the most significant provisions for small business and non-profits is the Paycheck Protection Program, or PPP. The PPP provides a government-guaranteed loan to small businesses, and in most cases a large…