{"id":1759,"date":"2020-04-09T10:21:35","date_gmt":"2020-04-09T14:21:35","guid":{"rendered":"https:\/\/pa.cair.com\/pitt\/?p=1759"},"modified":"2020-04-09T16:54:41","modified_gmt":"2020-04-09T20:54:41","slug":"covid-19-small-businesses","status":"publish","type":"post","link":"https:\/\/pa.cair.com\/pitt\/covid-19-small-businesses\/","title":{"rendered":"COVID 19: CARES Act"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1759\" class=\"elementor elementor-1759\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-deee379 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"deee379\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-92aa35e\" data-id=\"92aa35e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5062f63 elementor-widget elementor-widget-heading\" data-id=\"5062f63\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Small Businesses, Non-Profits and Mosques: CARES Act- Coronavirus Aid, Relief and Economic Security Act information<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f00613 elementor-widget elementor-widget-text-editor\" data-id=\"5f00613\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"gl-contains-text\"><div class=\"gl-contains-text\"><table width=\"100%\" cellpadding=\"0\" cellspacing=\"0\" border=\"0\"><tbody><tr><td class=\"editor-text editor-text \" align=\"left\" valign=\"top\"><div class=\"text-container galileo-ap-content-editor\"><div><div align=\"left\"><span>Dear Community Businesses, Nonprofits, &amp; Mosques,<\/span><\/div><div align=\"left\"><span>\u00a0<\/span><\/div><div align=\"left\"><\/div><div align=\"center\"><\/div><div><span>As you might be aware, the Federal government recently announced the<\/span><span>\u00a0<\/span><span>\u00a0<\/span><span>\u00a0<\/span><a href=\"https:\/\/www.sba.gov\/page\/coronavirus-covid-19-small-business-guidance-loan-resources\" target=\"_blank\" rel=\"noopener\">Coronavirus Aid, Relief, and Economic Security (CARES) Act<\/a><span>\u00a0<\/span><span>\u00a0<\/span><span>\u00a0<\/span><span>which allocated $349 billion to help small businesses keep their workers employed during the pandemic and economic downturn. This stimulus is called\u00a0<\/span><span>\u00a0<\/span><a href=\"https:\/\/www.sba.gov\/funding-programs\/loans\/coronavirus-relief-options\/paycheck-protection-program-ppp\" target=\"_blank\" rel=\"noopener\">Paycheck Protection Program<\/a><span>\u00a0<\/span><span>. Applications will be accepted beginning today, Friday, April 3, 2020.<\/span><\/div><div align=\"left\"><span>\u00a0\u00a0<\/span><\/div><div align=\"left\"><span>Please contact your bank NOW for the loan\/grant application. The money that is being distributed through the Paycheck Protection Program is limited. Request from your bank to begin the process.<\/span><\/div><div align=\"left\"><span>\u00a0<\/span><\/div><div align=\"center\"><\/div><div align=\"center\"><strong><a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf\" target=\"_blank\" rel=\"noopener\">Click here for an <span style=\"text-decoration: underline;\">editable<\/span> PDF of the application.\u00a0<\/a><\/strong><\/div><div align=\"center\"><\/div><div align=\"center\"><\/div><div align=\"left\"><strong>\u00a0<\/strong><\/div><div align=\"left\"><strong>Small Business Paycheck Protection Program<\/strong><\/div><div align=\"left\"><span>The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. You do not need to look for other funds before applying to this program. This loan has a maturity of 2 years and an interest rate of 0.5%. Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.<\/span><\/div><div align=\"left\"><span>\u00a0<\/span><\/div><div align=\"left\"><\/div><div align=\"left\"><strong>Fully Forgiven<\/strong><\/div><div align=\"left\"><span>Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll).\u00a0<\/span><\/div><div align=\"left\"><\/div><div align=\"left\"><span>You will also owe money if you do not maintain your staff and payroll.\u00a0<\/span><\/div><ul><li><span>Number of Staff:\u00a0Your loan forgiveness will be reduced if you decrease your full-time\u00a0employee headcount.<\/span><\/li><li><span>Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and\u00a0wages by more than 25% for any employee that made less than $100,000 annualized in\u00a02019.<\/span><\/li><li><span>Re-Hiring: You have until June 30, 2020 to restore your full-time employment and\u00a0salary levels for any changes made between February 15, 2020 and April 26, 2020.<\/span><\/li><\/ul><div align=\"left\"><\/div><div align=\"left\"><strong>How to Request Loan Forgiveness<\/strong><\/div><div align=\"left\"><span>You can submit a request to the lender that is servicing the loan. The request will include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations. You must certify that the documents are true and that you used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments. The lender must make a decision on the forgiveness within 60 days.<\/span><\/div><div align=\"left\"><span>\u00a0<\/span><\/div><div align=\"left\"><\/div><div align=\"left\"><strong>Must Keep Employees on the Payroll-or Rehire Quickly<\/strong><\/div><div align=\"left\"><span>Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.<\/span><\/div><div align=\"left\"><span>\u00a0<\/span><\/div><div align=\"left\"><\/div><div align=\"left\"><strong>All Small Businesses Eligible<\/strong><\/div><ul><li><span>A small business or 501(c)(3) nonprofit with less than 500 employees including all employees: full-time, part-time, and any other status.<\/span><\/li><li><span>A small business that otherwise meets the Small Business Administration\u2019s (SBA) size standard<\/span><\/li><li><span>An individual who operates as a sole proprietor<\/span><\/li><li><span>An individual who operates as an independent contractor<\/span><\/li><li><span>An individual who is self-employed who regularly carries on any trade or business<\/span><\/li><li><span>A Tribal business concern that meets the SBA size standard<\/span><\/li><li><span>A 501(c)(19) Veterans Organization that meets the SBA size standard<\/span><\/li><\/ul><div align=\"left\"><\/div><div align=\"left\"><strong>When to Apply<\/strong><\/div><div align=\"left\"><span>Starting today April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. Although the program is open until June 30, 2020, we encourage you to apply as quickly as you can because there is a funding cap and lenders need time to process your loan.<\/span><\/div><div align=\"left\"><span>\u00a0<\/span><\/div><div align=\"left\"><\/div><div align=\"left\"><strong>How to Apply<\/strong><\/div><div align=\"left\"><span>You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. Lenders may begin processing loan applications as soon as April 3, 2020. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found on\u00a0<\/span><span>\u00a0<\/span><a href=\"https:\/\/www.sba.gov\/\" target=\"_blank\" rel=\"noopener\">SBA&#8217;s website<\/a><span>\u00a0<\/span><span>.<\/span><span>\u00a0<\/span><span>\u00a0<\/span><\/div><div align=\"left\"><span>\u00a0<\/span><\/div><div align=\"left\"><\/div><div align=\"left\"><strong>What do I Need to Apply<\/strong><\/div><div align=\"left\"><span>You will need to complete the Paycheck Protection Program loan application and submit the application with the required documentation to an approved lender that is available to process your application by June 30, 2020. Click<\/span><span>\u00a0<\/span><span>\u00a0<\/span><span>\u00a0<\/span><a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf\" target=\"_blank\" rel=\"noopener\">HERE<\/a><span>\u00a0<\/span><span>\u00a0for the application. You will also need to provide\u00a0your lender with payroll documentation.\u00a0<\/span><\/div><div align=\"left\"><span>\u00a0<\/span><\/div><div align=\"left\"><\/div><div align=\"left\"><strong>What do I Need to Certify<\/strong><\/div><div align=\"left\"><span>As part of your application, you need to certify in good faith that:<\/span><\/div><ul><li><span>Current economic uncertainty makes the loan necessary to support your ongoing\u00a0operations.<\/span><\/li><li><span>The funds will be used to retain workers and maintain payroll or to make mortgage,\u00a0lease, and utility payments.<\/span><\/li><li><span>You have not and will not receive another loan under this program.<\/span><\/li><li><span>You will provide to the lender documentation that verifies the number of full-time\u00a0equivalent employees on payroll and the dollar amounts of payroll costs, covered\u00a0mortgage interest payments, covered rent payments, and covered utilities for the eight\u00a0weeks after getting this loan.<\/span><\/li><li><span>Loan forgiveness will be provided for the sum of documented payroll costs, covered\u00a0mortgage interest payments, covered rent payments, and covered utilities.\u00a0<\/span><\/li><li><span>All the information you provided in your application and in all supporting documents\u00a0and forms is true and accurate.\u00a0<\/span><\/li><li><span>You acknowledge that the lender will calculate the eligible loan amount using the tax\u00a0documents you submitted. You affirm that the tax documents are identical to those you\u00a0submitted to the IRS. And you also understand, acknowledge, and agree that the lender\u00a0can share the tax information with the SBA&#8217;s authorized representatives, including\u00a0authorized representatives of the SBA Office of Inspector General, for the purpose of\u00a0compliance with SBA Loan Program Requirements and all SBA reviews.<\/span><\/li><\/ul><div align=\"left\"><\/div><div align=\"left\"><span>We hope you find this information helpful. Please remain safe and if there is anything we can do to assist, please contact us.<\/span><\/div><div align=\"left\"><\/div><div align=\"left\"><strong>Fi Aman Allah,<\/strong><\/div><div align=\"left\"><strong>CAIR- Pittsburgh Family<\/strong><\/div><\/div><\/div><\/td><\/tr><\/tbody><\/table><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Small Businesses, Non-Profits and Mosques: CARES Act- Coronavirus Aid, Relief and Economic Security Act information Dear Community Businesses, Nonprofits, &amp; Mosques,\u00a0As you might be aware, the Federal government recently announced the\u00a0\u00a0\u00a0Coronavirus Aid, Relief, and Economic Security (CARES) Act\u00a0\u00a0\u00a0which allocated $349 billion to help small businesses keep their workers employed during [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":1511,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":"","_tec_slr_enabled":"","_tec_slr_layout":""},"categories":[8],"tags":[],"class_list":["post-1759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-covid-19-community-updates"],"ticketed":false,"_links":{"self":[{"href":"https:\/\/pa.cair.com\/pitt\/wp-json\/wp\/v2\/posts\/1759","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pa.cair.com\/pitt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pa.cair.com\/pitt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pa.cair.com\/pitt\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/pa.cair.com\/pitt\/wp-json\/wp\/v2\/comments?post=1759"}],"version-history":[{"count":5,"href":"https:\/\/pa.cair.com\/pitt\/wp-json\/wp\/v2\/posts\/1759\/revisions"}],"predecessor-version":[{"id":1788,"href":"https:\/\/pa.cair.com\/pitt\/wp-json\/wp\/v2\/posts\/1759\/revisions\/1788"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pa.cair.com\/pitt\/wp-json\/wp\/v2\/media\/1511"}],"wp:attachment":[{"href":"https:\/\/pa.cair.com\/pitt\/wp-json\/wp\/v2\/media?parent=1759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pa.cair.com\/pitt\/wp-json\/wp\/v2\/categories?post=1759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pa.cair.com\/pitt\/wp-json\/wp\/v2\/tags?post=1759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}