A Guide to the Financial Resources Your Business Needs Right Now.

PRESENTED BY
 WITH

KEVIN LAW
President & CEO of The Long Island Association

PRESENTED BY
 CARES ACT

The $2.2 trillion Coronavirus Aid, Relief,

and Economic Security (CARES) Act that
was just passed by Congress and signed
by President Trump provides resources
to assist businesses.
 CARES ACT
Individuals....................................... $560 Billion
Big Corporations............................. $500 Billion
Small Businesses………………… $377 Billion
State & Local Governments………. $339.8 Billion
Public Health……………………….. $153.5 Billion
Education/Other……………………. $43.7 Billion
Safety Net……………………………$26 Billion

(*approximations)
 CARES ACT
Small Businesses $377 Billion
Paycheck Protection Program………$350 Billion
SBA Loan Debt Relief........................$17 Billion
SBA Disaster Loans & Advances……$10 Billion
PAYCHECK PROTECTION PROGRAM

These federally guaranteed loans provide

cash-flow assistance of up to $10 million for
businesses with 500 or fewer employees.
It includes forgiveness of a loan or up to
8 weeks of payroll based on employee
retention and salary levels.
PAYCHECK PROTECTION PROGRAM

There are no SBA fees and at least

six months of deferral with maximum
deferral of up to a year.
PAYCHECK PROTECTION PROGRAM

Small businesses will be able to apply

if they were harmed by COVID-19
between February 15, 2020
and June 30, 2020.
 PAYCHECK PROTECTION PROGRAM

Program would be retroactive to February 15, 2020,

in order to help bring workers who may have already
been laid off back onto payrolls. Loans are available
through June 30, 2020.
See sba.gov for more details.
SMALL BUSINESS DEBT RELIEF PROGRAM

The second program we want to highlight will provide

immediate relief to small businesses with non-disaster
SBA loans, in particular 7(a), 504, and microloans.

SBA will cover all loan payments on these loans,

including principal, interest, and fees, for six months.
SMALL BUSINESS TAX PROVISIONS

Employee Retention Credit for

Employers Subject to Closure or
Experiencing Economic Hardship
Provides a refundable payroll tax credit for 50%
of wages paid by eligible employers to certain
employees during the COVID-19 crisis.
 SMALL BUSINESS TAX PROVISIONS

The credit is available to employers, including

non-profits, whose operations have been fully or
partially suspended as a result of a government
order forcing employees to work from home,
limiting commerce, travel or group meetings.

See irs.gov for more details.

 SMALL BUSINESS TAX PROVISIONS

Delay of Payment of Employer Payroll Taxes

Allows taxpayers to defer paying the employer
portion of certain payroll taxes through the end
of 2020, with all 2020 deferred amounts due in
two equal installments, one at the end of 2021,
the other at the end of 2022.
SMALL BUSINESS TAX PROVISIONS

The credit and deferral are not provided to

employers receiving assistance through
the Paycheck Protection Program.

See irs.gov for more details.

SMALL BUSINESS TAX PROVISIONS

The CARES Act also provides additional

tax assistance and relief to businesses.

See irs.gov for more details.

 WITH

ERICA CHASE-GREGORY
Director of the Small Business Development Center at Farmingdale State College
PRESENTED BY
 ELIGIBILITY

BUSINESSES WITH 500

OR FEWER EMPLOYEES
PRIVATE NONPROFITS
 LOAN TERMS
Up to $2M per Applicant
Interest Rate of 3.75% for Businesses
Interest Rate of 2.75% for Private Nonprofits
Repayment Over a Maximum of 30 Years
 COVERED EXPENSES
Fixed Debts
Payroll
Accounts Payable
Other bills that could have been paid had the disaster not occurred
 LOAN APPLICATION

Covid19relief.sba.gov
 HOW TO APPLY

Wait to Hear Back from SBA

 HOW TO APPLY
Needed Documents
• SBA loan application form 5 or 5c • 2019 federal tax return for business
• IRS form 4506T – If not available: year end P/L and 2019
Balance sheet
• Most recent federal tax return
for business • Current year P/L & Balance sheet
• Schedule of liabilities –SBA form 2202 • SBA form 1368 – Monthly Sales Figures
• Personal Financial Statement – – 3 year prior to disaster date plus
SBA form 413 current year to date
 HELPFUL TIPS

Keep documents scanned,

organized and ready to go.
 HELPFUL TIPS

Contact information:
They will contact you via email,
snail mail and by phone.
 HELPFUL TIPS

Answer Honestly
HOW CAN YOU HELP YOURSELF

Be Organized
HOW CAN YOU HELP YOURSELF

File Personal & Business

Tax Returns for 2019
HOW CAN YOU HELP YOURSELF

Fill Out All Information

and Be Responsive
HOW CAN YOU HELP YOURSELF

NUMBER 1 Reason For Delays

=
Missing Information
 HELP IN APPLYING

Small Business Development Center

at Farmingdale State College
sbdc@farmingdale.edu
or 934-420-2765
 HELP IN APPLYING

Small Business Development Center

at Stony Brook University
frontdesksbdc@stonybrook.edu
or 631-632-9070
 HERE TO HELP
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