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Frequently Asked Questions About The Economic Injury Disaster Loan (EIDL) Program:




Who is the loan advance for?


 The loan advance provides economic relief to businesses that are currently experiencing a temporary loss of revenue.


How big is the loan?


 You may be able to borrow up to $2 million through this relief program.


How soon can I receive it?


You can receive an advance up to $10,000 within 3 days of applying and you ARE NOT required to repay this advance.

When is the first loan payment due?


Your first payment would be one year after the loan origination date (interest is accrued during the deferment).


What can I use the loan for?


You can use the loan for financial obligations and operating expenses that could have been met had the disaster not occurred.


Do I need to have filed my 2019 taxes to apply?


No, 2019 taxes do not have to be filed prior to applying for the loan. However, businesses will be asked to submit IRS form 4506T, which provides the SBA with access to historical tax returns.


What collateral is required?


The SBA will place a UCC lien against the assets of the business.


Is a personal guarantee required?


Yes, a personal guarantee is required for loans greater than $200,000, owners of more than 20% of the business, managing members of LLCs, or managing partners of LPs. However, no liens will be taken against real estate owned by the guarantor.


  Please note that there is Sick Leave that has to be accounted for.  Employees can get 80 hours paid time off for some COVID-19 leave that must be tracked. There must

be an ERISA SPD Document for Employers Health and Welfare Benefits and FMLA 50+ ee’s or Under 50 ee’s / EFMLA or EPSLA rules and posters MUST be in place and

go to employees by April 30th.  Failure could mean Fines and Penalties as well as possibly throw off Grants.  

Paycheck Protection Program

More disconcerting from a retirement perspective is the number of employers that are already shuttering their doors and furloughing workers. These workers will not be getting paychecks, making deferrals to savings plans, and consequently not earning employer matches.

A cornerstone of the CARES Act is designed to keep employees connected to their employers—keep them paid even if a business is temporarily closed.

The Paycheck Protection Program will back $349 billion in loans to businesses with 500 or fewer employees through the Small Business Administration. Loans will be issued through lenders approved by the SBA, and funds will be available by Friday, April 3.

“The question is how do we all help companies stay in business,” said Stevenson. “Our job is to give plan advisers good counsel they can bring to sponsors. Advisers can’t just focus on the retirement provisions of the CARES Act—they have to understand all of the options available to their employer clients. Assuming we execute this well as a country, this bill should provide a lot of relief to employers, and a lot to participants.”

The below is a snapshot of what is involved in the Paycheck Protection Program, based on a reading of the bill and its synopsis, information posted by the Treasury Department, and analysis by Bijal Vira and Nirav Bhatt, corporate finance attorneys with Shepard Mullin.

1. Funding for up to eight weeks of payroll

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. (Source: Treasury Department)

2. $349 billion in total federally backed loans

The CARES Act has authorized commitments to the SBA 7(a) loan program, as modified by the CARES Act, in the amount of $349 billion. The Paycheck Protection Program covers the period beginning February 15, 2020 and ending on June 30, 2020 (the Covered Period).  (Analysis:  Sheppard Mullin)

3. Loans forgiven if they are used to keep employees paid

Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. (Source: Treasury Department)

4. Firms with 500 or fewer employees, and self-employed can apply

Small businesses with 500 or fewer employees—including non-profits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.

  • Starting April 3, 2020, small businesses and sole proprietorships can apply.
  • Starting April 10, 2020, independent contractors and self-employed individuals can apply. There is encouragement to apply as quickly as you can because there is a funding cap.

5. Relaxed loan vetting

For eligibility purposes, requires lenders to, instead of determining repayment ability, which is not possible during this crisis, to determine whether a business was operational on February 15, 2020, and had employees for whom it paid salaries and payroll taxes, or a paid independent contractor. (Source: Legislative synopsis)

6. Calculating the loan value

During the Covered Period, the maximum loan amount permitted for an eligible Covered Entity is the lesser of $10,000,000 and an amount calculated based on a payroll formula that essentially equals 2.5 x the average total monthly payroll cost incurred in the one-year period before the loan is made.

The interest rates for loans borrowed by a Covered Entity under the program may not exceed four percent (4%).

Any Paycheck Protection Loan that has a remaining principal balance after any applicable loan forgiveness (as covered in detail below) must have a maturity date no later than 10 years from the date on which the borrower applied for loan forgiveness.

The SBA will direct lenders to defer all payments (principal, interest and fees) otherwise due under a Paycheck Protection Loan for a minimum of 6 months and a maximum of 12 months. (Analysis: Sheppard Mullin)

7. Loan forgiveness tied to keeping employees on books

During the 8-week period beginning on the date a Paycheck Protection Loan is funded (the Forgiveness Period), a borrower will be eligible for forgiveness and cancellation of indebtedness for up to the full principal amount of such loan. The amount eligible for forgiveness (the Total Eligible Forgiveness Amount) is equal to the total costs incurred and payments made during the Forgiveness Period for (1) payroll, (2) mortgage interest, (3) rent and (4) utilities.

The loan forgiveness amount available to a borrower is subject to reduction if the borrower terminates employees or reduces employee salary and wages during the Forgiveness Period. There is, however, relief from the forgiveness reduction if the borrower rehires employees or makes up for wage reductions by June 30, 2020. (Analysis: Sheppard Mullin)

8. The loan application

A copy of the loan application has been made available through the Treasury Department.

9. How to find an approved lender

The SBA can direct employers to an approved lender here.

ABOUT M.E.


Since opening the doors in 2014, Mountain Entities, Inc. has become a trusted connection in providing healthcare compliance solutions with excellent benefit-cost savings and administration.


Our professional partners and alliances assist the business owners, brokers, and accountants to connect on a level never experienced before.  We are knowledgeable, accessible, and professional.


We answer the tough compliance questions and create customized strategies to help ATTRACT & RETAIN employees in a complex new era.


If you are tired of the status quo of just quoting the same old benefit plans and desire a fresh new customized approach, call Mountain Entities, Inc. today!


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Our Mission:

We offer many solutions for individuals

living paycheck to paycheck or the small to midsized business wanting to grow.  We custom fit for 

RBP (Reference-Based Pricing) Plans, Direct Primary Care, Telemedicine, Tuition Reimbursement

access to Loans, Sect. 125,

Flex Spending, Health Reimbursement Accounts,

Health Savings Accounts, ICHRA's, ERISA, FMLA

and more...utilizing the BEST companies

in the nation. 

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ATTRACT & RETAIN EMPLOYEES WITH EXCLUSIVE BENEFITS

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REFERENCE-BASED PRICING

FULL COMPLIANCE & 3RD

PARTY ADMINISTRATION

SPEAKING ENGAGEMENTS

We provide educational Seminars/Webinars on the Complexities of Compliance.  CE credits available for SHRM members.

BENEFIT ADMINISTRATION 

CHRS

(Certified Healthcare Reform Specialist)

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