I’m very interested in what Mnuchin explained today. Love the fact it will be distributed through your local banks. I would recommend all small biz owners contact their bankers tomorrow to try and get ahead of this. It may be a game changer!
Small Biz $$ for 8 weeks of payroll could be YUGE
- Thread starter TheOriginalSoCalDawg
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I missed the announcement and subsequent explanation. Cliff notes please?
@TanyardDawg520 sure. It’s supposed to be ready in a week, but there is 350 Billion as part of this stimulus set aside for small businesses. The package will cover up to 8 weeks of payroll. Its sponsored by the SBA, but will be distributed from local banks. As long as the money is used for payroll, rent, or operations it will be 100% forgiven. Literally a grant. It’s a huge incentive to keep workers on the payroll. It’s supposed to be very simple as in show your banker your payroll and they will direct deposit the funds. If it’s as close to efficient as it sounds it will save a good number of small businesses. Kind of hard to believe they could get money to these companies on this scale, this quickly, but it sounds good.
Not sure if this applies for payments to 1099 contractors.
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