Paycheck Protection Program

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.

Please see this page to learn more details. Thanks.
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp

Barrington Capital Management, Financial Advisor in Bloomington, MN

Since 1988, Barrington Capital Management, Inc. has been committed to providing concierge-level service and communication for retail and institutional clients. We are a fee-based, independent Registered Investment Adviser, not commission brokers. Continue reading

Mahoney Ulbrich Christiansen & Russ P.A., CPA in Saint Paul, MN

We provide innovative solutions with a thoughtful approach. Since 1989, we have built relationships through our accounting and consulting services.
We have become a recognized and respected “Top 25” local accounting firm serving Minneapolis and Saint Paul and the greater Midwest.
Audit
Our audit team delivers trustworthy, quality financial statement assurance tailored for your needs for maximizing your company’s profitability and efficiency.
Tax
The MUCR tax team delivers a combination of knowledge, experience, and innovation to a wide range of tax services to help you mitigate risk, and uncover available opportunities.
General Business Services
Our Certified Quickbooks Pro Advisor ® team can assist with Quickbooks ® setup, training, and reporting. We offer live support, whether in person, over the phone, or through our remote assistance online.
Housing Tax Credit
MUCR provides a comprehensive range of services to the affordable housing industry. We represent a variety of participants in the affordable housing industry in over 300 housing tax credit projects in 10 states.
Address:
10 River Park Plaza
Suite 800
Saint Paul, MN 55107
Main Number: (651)227-6695
Fax: (651)227-9796
Email: info@mucr.com
Website: http://www.mucr.com
Newsletter:
http://www.mucr.com/newsletter.html