Coronavirus Aid, Relief, and Economic Security (CARES) Act
news and resources
The Coronavirus (the virus that causes COVID-19) is having an unprecedented effect on the economy. With so many small businesses struggling to stay afloat, federal legislation was recently enacted to provide opportunities for help through U.S. Small Business Administration (SBA) loans. One of the most impactful is the Paycheck Protection Program (PPP), designed to provide quick access to cash that can help you keep paying your employees and assist with other expenses such as health insurance premiums, rent or mortgage payments and utilities.
CARES Act
On March 27, 2020, President Trump signed into law the CARES Act (Act), commonly referred to as a stimulus package. The full text of the final bill can be accessed here. Section 1106 of the Act goes into the terms for loan forgiveness, beginning on page 43.
U.S. Dept of Treasury Guidance
PPP payroll calculators for loan application
The PPP provides three scenarios for calculating maximum loan amounts depending on how long the business has been in operation and whether it’s seasonal. You can add all three to your COVID-19 resource library. They’re designed so that your client can complete them following the steps outlined in the calculator. When you click the link, please look for an Excel file calculator to download rather than opening in a new window.
PPP Loan Forgiveness Resources
CARES Act
On March 27, 2020, President Trump signed into law the CARES Act (Act), commonly referred to as a stimulus package. The full text of the final bill can be accessed here. Section 1106 of the Act goes into the terms for loan forgiveness, beginning on page 43.
U.S. Dept of Treasury Guidance
- Interim Final Rule as of April 15, 2020
- Interim Final Rule - Additional Eligibility Criteria and Requirements for Certain Pledges of Loans
- Interim Final Rule - Requirements - Promissory Notes, Authorizations, Affiliation, and Eligibility
- Interim Final Rule - Additional Criterion for Seasonal Employers
- How to Calculate Maximum Loan Amounts - By Business Type
PPP payroll calculators for loan application
The PPP provides three scenarios for calculating maximum loan amounts depending on how long the business has been in operation and whether it’s seasonal. You can add all three to your COVID-19 resource library. They’re designed so that your client can complete them following the steps outlined in the calculator. When you click the link, please look for an Excel file calculator to download rather than opening in a new window.
- PPP Loan Calculator – Non-seasonal & In business 2/15/19 – 6/30/19 (Excel)
This calculator will apply for most businesses that operated in 2019. - PPP Loan Calculator – Nonseasonal & NOT in business 2/15/19 – 6/30/19 (Excel)
This calculator will apply for new businesses. - PPP Loan Calculator – Seasonal business (Excel)
This calculator will apply for clients that don’t operate year-round. - PPP Loan Calculator – Self-Employed (Excel)
This calculator will apply for self-employed individuals.
PPP Loan Forgiveness Resources
- AICPA PPP loan forgiveness calculator (Excel)
The Loan Forgiveness Calculator uses available guidance from the Small Business Administration and Treasury, along with interpretations of that guidance (see notes throughout) to estimate the amount of a PPP loan that may be eligible for forgiveness.
- SBA PPP Loan Forgiveness Application Form EZ InstructionsInstructions for applying for forgiveness for the PPP loan using SBA Form 3508EZ.
- SBA PPP Loan Forgiveness Application Form EZApply for forgiveness for the PPP loan using SBA Form 3508EZ.
- SBA PPP Loan Forgiveness Application InstructionsInstructions for applying for forgiveness for the PPP loan using SBA Form 3508.
- SBA PPP Loan Forgiveness ApplicationApply for forgiveness for the PPP loan using SBA Form 3508.