The Paycheck Protection Program (PPP) is Happening Now
Small Business Approved (SBA) lending financial institutions are taking applications and issuing Loan Authorization Numbers. These funds are available for qualified businesses with 499 or fewer employees.
Here is a High-level Overview of the PPP Relief Benefits
Some points are summarized below. There are qualifications for the benefits and our professionals can explain them to you. If you have a customer, supplier, vendor or referral source who may be struggling with the relief program or need help examining their next steps, have them call us as well.
- The relief is 8 weeks of payroll. There are restrictions we can review with you.
- The loan amount is 2.5 times your average monthly payroll costs up to $10M.
- The loans are 100% forgivable if used to keep employees and pay rent / utilities.
- There is a limited amount of money available on a first-come, first-served basis.
- The PPP SBA loan process is time-sensitive.
Utah Leads Together Small Business Bridge Loan
The Utah Governor’s Office of Economic Development has announced that the Utah Leads Together Small Business Bridge Loan program will begin to distribute $6 million in various amounts to 500 Utah small businesses. This program is aimed at helping local businesses with 50 or fewer employees and offers loan amounts from $5,000 to $20,000 with 0% interest for up to 60 months.
A second edition of the program is set to launch next week and will award an additional $5 million in emergency funding. Unlike the first version, Utah nonprofit businesses will also be eligible to apply.
Be Aware of Tax Relief Related Scams
Scammers have been using phone calls, emails, text messages, websites and social media to request money or personal information.
Some Phishing Attempts Include:
- Requests to obtain a taxpayer’s information by promising expedited relief payments.
- Asking for “verification” of personal or banking information to speed up payments.
- An unauthorized party referencing “Stimulus Check” or “Stimulus Payment” support.
- Suggesting that taxpayers may get a payment faster by working with them.
- Text messages asking you to call to get your relief check.
- Emails asking to click a link that may lead to a virus.
- Taxpayers are mailed a fake check, then told to call before attempting to cash it.
Immediate Fraud Clues:
The IRS will never call, email or text you. They use paper mail communications.
- A call from the IRS. Again, they will never call you.
- An email from the IRS. Again, they operate via standard paper mail.
- An email from any party stating your password expired and asks you to click a link to reset your password. These emails may look like they are coming from companies that look like one of your systems, i.e. Microsoft, LinkedIn, your bank, credit card company, financial advisor, etc. It is possible that your password did expire, but do not click on the link in that unsolicited email.
Let Us Help
Please contact us with questions or to discuss your specific situation. We will help you through these difficult financial decisions.