If your business, like so many others, has been negatively impacted by the COVID-19 pandemic, there’s hope in sight. While the government’s initial relief package was rapidly depleted, the Senate passed a new relief package on Tuesday that includes hundreds of billions of dollars in new funding for small businesses hurt by the coronavirus outbreak. The $484 billion relief package, expected to pass in the House on Thursday, is aimed to help distressed businesses like yours stay afloat—but it’s important to act fast.
While the loans are a necessity in light of the current economic crisis, the start of the Coronavirus Aid, Relief, and Economic Security (CARES) Act was bumpy—and it was particularly difficult for small businesses and small lenders to get access to the funds. As we head into the next round of funding, getting your application in fast is imperative. The first round of funding ran out in just two weeks, but we can help you streamline the application process.
The Paycheck Protection Program, part of the original stimulus package passed in early April, offers companies and nonprofits with up to 500 workers a low-interest loan to cover up to two months of payroll and other expenses. Most of the loans will be forgiven if the borrower retains its workers and doesn’t cut their wages.
After the huge crush of demand that overwhelmed banks and lenders following the program’s kickoff, the government has taken measures to ensure that this money is correctly allocated, so businesses like yours can get access. $60 billion—about a fifth of the funding—will be set aside for small lenders, to steer resources to businesses that typically would have trouble accessing loans.
Unfortunately, the program is complicated and comes with a great deal of red tape—but Beyond can help. Our Paycheck Protection Tools can help you determine how much you are eligible for, maximize your loan forgiveness potential by providing the records you need to validate your loan, help generate required documentation directly from your business’s historical payroll information, and connect you to our bank partner that is approved to process these loans. Our expert payroll tools and HR specialists will facilitate the process and make sure your business is taken care of. With labor laws changing daily, we can get you the support you need to keep your business open and compliant.
At Beyond, small businesses are the bones of everything we do. Your business’s success is our top priority, and as this crisis unfolds, we’ll be with you every step of the way.