Doug Gober

March 26, 2020

Updates to the Keeping Workers Paid and Employed Act

This is a limited summary of the parts of the Bill passed by the Senate last night that are most likely to affect you. – I anticipate that we will have significantly more clarity, possibly as early as tomorrow. Please excuse the layman’s terms as we attempt to simplify things here. To be eligible, a firm must have less than 500 employees and a business revenue cap of possibly $10MM. However, that amount is still unclear at this time. The first two bullets below are part of the Keeping Workers Paid and Employed Act that was passed by the US Senate on March 25, 2020. Existing SBA loans – The relief Bill provides for the payment of all principal and interest for a 6-month period. a. There is no need to apply. This payment program will be automatic for anyone […]
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