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

Mahrt & Associates, PLLC, CPA in Federal Way, WA

Mahrt & Associates, PLLC is a full service accounting firm. We are a member in good standing with the American Institute of Certified Public Accountants and the Washington Society of CPAs. Our firm has been peer reviewed since 1997.
We understand that no business is exactly alike, and that’s why we are dedicated to providing our clients with fully customized solutions. Our talented CPAs have the experience and knowledge to help you achieve your goals.
TIMOTHY ANDERSON, CPA, MEMBER:
Tim is a graduate of Central Washington University. Tim had an extensive tax and auditing background with the federal government prior to his entry into public accounting in 1990. He is a member, in good standing of the American Institute of Certified Public Accountants and the Washington Society of Certified Public Accountants and has been a CPA for 28 years. Tim is licensed in Washington and California.
JACKIE MUTH, CPA, MEMBER:
Jackie is a graduate of Oregon State University. She joined Mahrt & Associates, PLLC in 1994. Since joining the firm she has worked extensively with not-for-profit organizations. Jackie has been a CPA for 29 years. She is a member, in good standing of the American Institute of Certified Public Accountants and the Washington Society of Certified Public Accountants. Jackie is licensed in Washington and California.
Address:
33308 13th Pl South Suite 1,
Federal Way, WA 98003
Phone: 253-661-9555
Fax: 253-661-9556
Email: jackie@mahrtcpa.com
Website: https://www.mahrtcpa.com