It sounds like loans may be available very soon, maybe this or next week
Steven Mnuchin said: “Any FDIC bank, any credit union, any fintech lender will be authorized to make these loans” to a small business subject to certain approvals.
He also said that firms have to request aid, he said, and the Wall Street banks helping to manage the assistance will be working for “very reduced rates.”
Suggest you reach out to your bank and or lender to see what they know.
On a similar note:
Check out the AP story that says:
“. . . Small Business Administration loans ” are available to ” companies . . . sole proprietors and freelancers. They “can be used for payroll, mortgages, rent and utilities” and “those amounts” will be “forgiven and payments deferred. It will also supply small loans that can, depending on an owner’s credit score, be approved quickly.” And that ” Employers can receive tax credits for retaining workers”, but “not if they have obtained one of the SBA loans.”
“Many owners are also seeking separate SBA economic injury disaster loans. And the Federal Reserve plans to set up a program to lend directly to small business owners.”
Also ” freelancers are now eligible for unemployment benefits. “
Source: https://apnews.com/82e85f697b92a02f89795d36652f3c17
Some Useful Links and Info below
Here is a link to the SBA website page about their Paycheck Protection Program
https://sbaloanprogram.com/paycheck-protection-program/
Here is a link to the CPA Advisor story on Forgivable COVID-19 Loans
https://www.cpapracticeadvisor.com/small-business/news/21132327/starting-april-3-small-businesses-can-apply-for-forgivable-covid19-loans
An article in the Journal of Accountancy about the IRS finally issuing guidance and Forms on the Employee Retention Tax Credits –
https://www.journalofaccountancy.com/news/2020/apr/irs-new-employer-tax-credits-form-employee-retention-credit-guidance-coronavirus.html
Experts say Applicants Should Use Gross Payroll When Applying for Paycheck Protection Program (PPP)
See this article in the CPA Practice Advisor.
https://www.cpapracticeadvisor.com/payroll/news/21132693/ppp-applicants-should-use-gross-payroll-approach-in-calculations-says-aicpa
A Fact Sheet from the Treasury Department on the PPP Loans
https://home.treasury.gov/system/files/136/PPP%20Borrower%20Information%20Fact%20Sheet.pdf
Last update – 4/7/2020