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.
The Mountain Association for Community Economic Development (MACED) partners with local people to build upon the strengths of Kentucky and Central Appalachia. We create economic alternatives and strive to make Appalachian communities better places to live.
Since 1976, MACED’s commitment to the communities of Central Appalachia has shown us that high expectations, vision and hard work are essential to accomplish results. Three core strategies help us work toward our goal of transforming the lives of people and places in need in Central Appalachia through sustainable development.
Growing the size and strength of key sectors has the potential to develop substantial economic, environmental and community returns. MACED believes we can deepen our impact on the energy and forestry sectors in the region by focusing our range of tools on them.
Central Appalachia needs more entrepreneurs and stronger enterprises that create employment, provide needed services and support engaged residents. MACED can help these entrepreneurs be successful by providing capital and technical assistance.
Too often, state and federal policies inadequately support needed services and sustainable development, subsidize harmful development or ignore the unique concerns and needs of Central Appalachia. To achieve change at scale, public policy must shift. Address:
433 Chestnut Street
Berea, KY 40403
Website: http://www.maced.org News:
Sammy K. Lee, PSC is a full service accounting firm dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs. For the past 20 years, Sammy K. Lee, PSC has been providing quality, personalized financial guidance to local individuals and businesses. Our expertise ranges from basic tax management and accounting services to more in-depth services such as audits, financial statements, and financial planning.
Sammy K. Lee, PSC is one of the leading firms in and throughout the area. By combining our expertise, experience and the team mentality of our staff, we assure that every client receives the close analysis and attention they deserve. Our dedication to high standards, hiring of seasoned tax professionals, and work ethic is the reason our client base returns year after year. Our Mission
Our mission is to help clients maintain financial viability in the present, while taking a proactive approach to achieve future goals. This requires open communication to reach an understanding of our clients’ needs through research and sound analysis. Sammy K. Lee, PSC is dedicated to meeting these goals with high standards of excellence and professionalism. We have been a staple of the area’s business community for years, and pride ourselves on the level of esteem we have earned.
Our dedication to hard work has earned the respect of the business and financial community in and around the area. We believe this to be a direct derivative of our talent and responsiveness to our client base. Whether you are a current or prospective client, rest assured that individuals and businesses who choose Sammy K. Lee, PSC receive competent and timely advice. Address:
208 Pauline Dr, Ste D
PO Box 958
Berea, KY 40403
Telephone: (859) 986-3756
Fax: (859) 986-0103
Website: http://www.skleecpa.com News: