SBA Loans and the Paycheck Protection Program
Dear clients, family and friends,
We hope you all are well and safe. At Linkenheimer, our staff continue to work hard from home to help our clients find peace of mind and navigate this difficult, evolving situation. As the shelter in place continues for Sonoma County and California, we understand that many of our clients are feeling the stress of protecting and paying employees, managing rent and overhead costs and keeping their business afloat. On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The CARES Act contains many provisions for businesses and individuals, but the most impactful provision for small businesses in the immediate future is the Paycheck Protection loan program (PPP). This new program will provide up to $349 billion in federally guaranteed loans for small businesses. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.
“This legislation provides small business job retention loans to provide eight weeks of payroll and certain overhead to keep workers employed,” said Secretary Mnuchin. “Treasury and the Small Business Administration […]
