The details about the two Federal loan programs for new businesses are still coming out. Here is a comparison of the two programs, prepared by a colleague, for you to use in making decisions. Click on the picture to enlarge it.
At this point, it is our understanding that to qualify for the forgivable loan (on the left), a business must continue pay its employees. There does not appear to be a requirement the business doors remain open, but the funds must be used for payroll, mortgage interest, rent, utilities, and maintaining employee head count. Pay rates do not drop.
This is a fast moving story and we'll keep you updated today as we learn more.
At this point, it is our understanding that to qualify for the forgivable loan (on the left), a business must continue pay its employees. There does not appear to be a requirement the business doors remain open, but the funds must be used for payroll, mortgage interest, rent, utilities, and maintaining employee head count. Pay rates do not drop.
This is a fast moving story and we'll keep you updated today as we learn more.
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