Paycheck Protection Program (PPP) is a loan designed by the US Govt, and implemented by the SBA, to provide a direct and immediate incentive for small businesses to keep their workers on the payroll, and thus avoid large scale job losses, because the SMBs create over 50% of the total jobs across America.
SBA will forgive loans if all employees are kept on the payroll for eight weeks, and the money is used for payroll, rent, mortgage interest, or utilities.
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.
Lenders may begin processing loan applications as soon as April 3, 2020.
The Paycheck Protection Program will be available through June 30, 2020.
Please check with your local lender whether it’s participating in the program.
Who Can Apply
The following entities affected by Coronavirus (COVID-19) may be eligible:
Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
Any business, 501(c)(3) Non-profit organization, 501(c)(19) Veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of: 500 employees, or that meets the SBA industry size standard if more than 500.
Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) with more than one physical location, and employs less than 500 per location
Sole proprietors, Independent Contractors, and Self-employed persons.
What would your clients be surprised to know about you?
I think they would be surprised to learn that I ride a motorcycle. I took a class in 2010 and bought my bike the following year. I ride a HD Softail Slim.
Where would you like to travel to that you have never been to before?
Italy! My grandparents immigrated here from Italy leaving some family behind. I would love to meet them and experience their world. Also I would like to take my Dad along as he has never been their either. What is your Favorite movie?
The Big Chill. I just love that movie. Nothing better than a group of old friends getting together and catching up with each other’s lives. It’s both a sad and feel good movie. I think it is very reflective of our daily lives. We tend to move on with our lives as we age and lose contact with old friends. A life event may come along that will get people from long ago back together again. We may find out how much everyone has changed and how such different people we have all become but at the same time realize that there is still a bond or connection between you that will bring you back together again. What advice do you have for your clients?
Life is what you put into it. Live for today but knowing that your choices today effect your future. And of course, don’t forget to file your income tax return on time. What would I do if you won the lottery?
Being the practical minded person that I am, I would pay off my debts first, then put most of the money in savings. But I would keep enough out to take my family and friends on some great vacations where we could all relax and enjoy each other’s company. Cathy Macchietto, CPA, BB, M. Acct.
A licensed certified public accountant with 28 years of professional accounting experience. She has her Masters of Accountancy and Bachelors of Business from Western Illinois University. Cathy has extensive experience in governmental audit, individual and business taxation, and accounting services of various small to medium size businesses. She has managed numerous engagements, including Chicago collar counties with populations in excess of 50,000 and villages with populations in excess of 15,000, as well as townships and fire protection districts.
She is an active member of the AICPA and the Illinois Certified Public Accountants Society. Address:
911 Lisbon Street,
Morris, IL 60450
Phone: (815) 941-9050
Fax: (815) 941-4506