That's what I'm being told as well but multiply by 2.5 times and the first payment can be delayed for as long as one year. Your previous workforce needs to be back in place by June 30th (so I guess that's the cutoff to spend the money by?) and anyone making over $100K can't be counted in the amount.

There's a large Zoom meeting this afternoon between my lender and the SBA and they will know more regarding the specifics and the actual application to use.

He said to be on guard because there might be some type of catch and to just save every type of proof of payment during this period. He's forwarding the details to our CPA, who does our payroll and many others in the community, so that they are more able to provide the information we need.

Like you others, I'll post more as I find out. I would love to be able to bring everyone back on April 21st with the help of this type of a loan and if our dental governing board will allow it. Fingers crossed.

J

Talked to my banker this morning, He was waiting webinar to start, He did not have the federally required forms in hand yet.

If I get two months payroll , rent and utilities , that is a chunk of money. I will believe it when I have in my hot little hand.

I wonder if will we be required to keep the money for 10 years or can we pay it back early with no penalty ?

MO

You can go to the SBA and fill out the paperwork for this online.

Not from what I'm finding. If you go to the SBA you have to pay back the whole amount. You can only get the PPP from a bank and that's the one that is 2 months of salary and expenses forgiven.

they were very specific about going thru your bank for the money, no fed bs that way and a whole lot faster. sba will write a regular loan that has to be paid back if you go that route.

Not from what I'm finding. If you go to the SBA you have to pay back the whole amount. You can only get the PPP from a bank and that's the one that is 2 months of salary and expenses forgiven.