On Friday, March 26th the Paycheck Protection Program (“PPP”), one of the key stimulus provisions of the COVID-19 economic recovery initiative was signed into law. The SBA has further clarified details of the program.
PPP is still a key program that we believe will work well for your funeral homes and cemeteries. We recommend you contact your current banking relationship immediately.
Links have been provided at the bottom of this document for the SBA Paycheck Protection Program Application Form as well as the Paycheck Protection Program Information Sheet: Borrowers.
Where Should I Apply
Amount of PPP Loans
Loan Forgiveness – Loans will be forgiven so long as –
Loan Terms – If the loan is not forgiven:
This is still an excellent option for most funeral and cemetery owners in the event you anticipate maintaining staff and payroll levels at or above 75% of 2019 levels. The forgiveness is a significant tax-free benefit. This is the most up to date information we have at the moment. We will notify you as more information becomes available.
If you have questions reach out to us by phone or e-mail and stay informed via our Business Operations Resource Center.
*Please note that as information is updated and modified, terms and conditions are subject to change.