CARES Act - SBA Loan Overview - Shared screen with speaker view
I will respond to you in just a moment.
Thank you, Jennifer and panel.
Taryn, that is possible, but you can spend the money on other things, not just payroll: Payroll cost, interest, rent and utilities. I'm going to send you a document from the US chamber that helps outline the FTE calculation that will make it clearer.
Robert, your net profit on Schedule C represents your net profit. You'll limit that to $100k + wages paid to employees.
Hi Jerry - the calculation is average of total monthly payroll costs incurred during the year, prior to the loan date. So - if loan is May 1, the then it's May 1, 2019 to April 30, 2020...make sense?
You can apply on April 3 (I believe and will double check). The program goes through December 31. Page two of US Chamber of Commerce sheet we're sending.
Gross wage paid to employees, plus healthcare, NOT federal employer payroll taxes - average - X 2.5