We at Starke want to make sure you stay informed as new information arises every day. We are certain you’re receiving numerous emails relating to COVID-19. It is our intent to provide useful, current information. Below is a summary of the CARES Act. While we are just learning the details we are here to help you in any way.
– Loans to help cash flow for “small” businesses and nonprofits with 500 employees or less; the amount of the loan can be up to 2 ½ times your average monthly payroll (up to a maximum of $10 million); importantly, a significant portion of these loans will be forgiven for businesses that retain or rehire employees between now and June 30th.
– Provides $500 billion for loans to struggling businesses and governments
- This increases SBA Express Loans from $350k to $1 million.
- Allows for delay in employee payroll taxes.
- Elimination of tax limitations on losses for taxpayers other than corporations during the tax year.
– Adds $600 per week to unemployment benefits.
– Covers payroll, employee benefits, mortgage, rent and utilities.
– Self-employed individuals and independent contractors can also take advantage of this program.
– The total amount spent on payroll costs, benefits, mortgage payments, rent and utilities between February 15 and June 30 is forgiven from the loan (Payment Protection Program).
– The loans are guaranteed 100% by the Small Business Association (SBA).
– Provides $1200 per person to adults earning less than $75,000 per year, plus $500 per child under 16 years old.
