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    1. Home
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    3. The Latest On The Paycheck Protection Program
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    The Latest on the Paycheck Protection Program main photo

    The Latest on the Paycheck Protection Program

    April 1, 2020

    On Tuesday, March 31, the Treasury Department and Small Business Administration (SBA) released additional information around the CARES Act and specifically the Payroll Protection Program. The CARES coronavirus relief package created a nearly $350 billion program under which businesses with 500 or fewer employees can receive loans to maintain employment and pay payroll and other costs. The loans are designed to have a portion forgiven (without paying tax on the forgiven portion) if the funds are used to cover payroll costs and some other specific operating expenses in the eight weeks following loan origination.

     

    In addition to the guidance clarifying certain items, it also provides some surprisingly significant interpretive departures from the information received and as interpreted industry authorities. Some of the NEW INFORMATION to note:

    • Starting April 3 small business and sole proprietors can apply for these loans
    • Starting April 10 independent contractors and self-employed individuals can apply for these loans
    • The interest rate on all loans will be a 0.5% fixed rate
    • All loans will have a 2 year maturity
    • All payments will be deferred for 6 months, however interest will continue to accrue over this period
    • It is anticipated that not more than 25% of any loan forgiveness amount may be for non-payroll costs
    • All owners with a 20% or more ownership in the company will have to certify in good faith a number of items including the funds will be used to retain workers and maintain payroll, you will not receive another loan under this program, you will provide all documentation, etc.
    • There appears to be a significant unknown on what the applicant will need to provide as documentation to prove payroll costs. We anticipate more guidance will be provided soon.

     

    Please refer to the U.S. Department of Treasury and SBA website. Included on these pages are additional information for borrowers as well as a draft application for the program.

     

    We also encourage you to visit our Coronavirus Resource Page. This page is updated frequently with the latest news as it relates to our clients.

    1. Get Buffaloed
    2. Don't Forget Your Camera!
    3. The Jamestown Reservoir and Pipestem Dam
    4. Frontier History is Alive and Well!
    giant buffalo statue

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    Get Buffaloed

    Visit the world’s largest buffalo and bison herd

    Learn More

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    Don't Forget Your Camera!

    Jamestown/Stutsman County, ND is a treasure trove of memories-in-the-making for your family.

    Learn More

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    The Jamestown Reservoir and Pipestem Dam

    The Jamestown Reservoir and Pipestem Dam provide every opportunity for water sports.

    Learn More

    old time village businesses

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    Frontier History is Alive and Well!

    One of the state’s most seen tourist attractions can be found at the Frontier Village.

    Learn More

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    Jamestown/Stutsman Development Corporation Icon
    Jamestown/Stutsman Development Corporation EMAIL: info@growingjamestown.com PHONE: 701-252-6861

    Mailing Address

    PO Box 293 
    Jamestown, ND  58402

    Street Address

    120 2nd St SE 
    Jamestown, ND 58401

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