CARES Act Zoom Call
Hi all, here's our Zoom recording from our meeting about the CARES Act and what's available to us as business owners or independent contractors in the pole industry. Thanks for joining!
Things continue changing this week as the SBA made recommendations to banks and clarified questions. Here are the updates. Note that info in the recorded Zoom video may be outdated!
- Independent contractors may not be used in payroll calculations.
- Your loan will be forgiven if at least 75% is used for payroll purposes and the remaining 25% or less for rent and utilities.
- Lenders (your bank) will be paid their 5% fee by the SBA. We, the businesses, do not have to pay that fee. An agent who assists a business and fills out the PPP paperwork may be compensated not more than 0.5% for loan amounts under $350,000. So, don’t let anyone fool you into paying them a bunch of money to do your application for you!
SBA form 2483 will be the one we have to fill out, or banks can have their own form.
- You can read the entire Treasury Department and SBA FAQs here. This was released on April 2, 2020.
ONE VIDEO CORRECTION: I mistakenly excluded independent contractors from the PPP slide in the Zoom recording. Independent contractors are allowed to apply for BOTH loan programs. My apologies there and I have updated the slides in the link below to correct that.
Link to slides
Link to EIDL application
Link to SBA disaster loan website