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Roo Solutions

From Roo to you!

How small businesses can apply for the Payroll Protection Program (forgivable loan)

4/9/2020

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​Greetings Roo friends and fans,
We wanted to provide an update regarding the COVID-19 related Payroll Protection Program (PPP). Many thanks to Propel Nonprofits, the Minnesota Council of Nonprofits and Sunrise Banks for providing the source data for this post.
 
Who is eligible?
  • Employers with 500 or fewer employees
  • Non-profits (this is significant, as nonprofit employers are not typically eligible for Small Business Association loans (SBA loans)
  • Self-employed individuals
 
How much money is available and how can it be used?
  • Organizations can apply for a (forgivable) loan equal to 2.5 times monthly payroll. You can use either option described below to calculate your maximum loan amount.
    • Option 1: 12 months average payroll since February 15th or;
    • Option 2: 2019 payroll data
    • Employers must deduct individual earnings over $100,000
  • 75% of the loan must be allocated for payroll expenses.
  • Other eligible expenses include employer costs for healthcare, retirement plan contributions, rent and utilities
 
Which staff members are included?
  • Only applies to employees on payroll.
  • Independent contractors are not included in agency reporting, but can choose to file individually 
  • Grant-funded positions are included and do not need to be tracked separately
 
Loan forgiveness Provisions
  • Loans may be 100% forgiven provided employers keep staff on payroll through June 30th
  • Must provide documentation to lender by June 30th
  • Loan forgiveness will be reduced if employers reduce payroll or headcount through June 30th
  • Should a portion of the loan not be forgiven, employers have 2 years to repay the loan at an interest rate of 1%
Interested in applying? Here is a link to the application form: SBA Application form

Stay strong friends!
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