We are continuing to search and receive information regarding the C.A.R.E.S. Act and the Paycheck Protection Program almost by the minute. As of now, we have learned that banks will be able to start taking applications Friday April 3rd.
Please begin compiling information to support and confirm the loan amount, which is 2.5 times the average monthly expenses for 2019 for the following:
• Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee)
• Employee benefits including costs for vacation, parental, family, medical or sick leave
• Group health care benefits including insurance premiums and payment of any retirement benefit
• State and Local taxes assessed on compensation
Now is the time to become familiar with the application and begin gathering the necessary documentation and breakdown of your average monthly 2019 payroll costs.
For more detailed information on the C.A.R.E.S. Act and other options that may be available to you, please visit the Small Business Administration at sba.gov
As more information becomes available, Toups Insurance will provide it to support local businesses in need.