Webinar recording on EIDL and Payroll Protection Programs
Thursday, April 2, 2020
Here's an informational webinar from Wisconsin Swimming on the 2 most relevant options for our clubs:
The EIDL Loan/grant and PPP Payroll Protection Program:
If you'd like to read more, here is info Eastern Committee Chair Mitch Gold has found:
Start by reading this article about the payroll payment program: https://www.forbes.com/sites/peterjreilly/2020/03/28/paycheck-protection-programdevilish-detailssome-uncertainty/#4926fea6652f I suggest you make note of the unknowns addressed in the article, but you should not have reservations about taking advantage of the PPP.
The Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses. If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable.
Businesses – including eligible non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors described in the Small Business Act – with 500 or fewer employees may apply.
Loan Application: https://covid19relief.sba.gov/#/
Non-Profits: If your club is a non-profit (c)(3) you can also apply for a SBA SCORE Award (Grant) of $10,000. Note you must either apply to the loan referenced above, or have an existing SBA loan to be eligable. Also Note this is a 7(a) funded program.
Loan Application: https://www.sba.gov/document/information-notice--score
Somewhat unrelated: If your employees are 1099s they would normally not be eligible for these benefits. Under these programs 1099s are entitled.