Dear Clients and Friends:

As you are aware, the CARES Act was signed on Friday, March 27, 2020. The Paycheck Protection Program (PPP) section of that Act pertains to loans that may be forgiven by the federal government. Such loans are to help eligible small businesses, including self-employed individuals, to remain viable during times of reduced revenues due to COVID-19. Our blog https://www.sharrardmcgee.com/blog.php

explains more about this, but for a summary, please visit:

https://files.constantcontact.com/ed1fa8d5301/2a385be1-0d88-4e4b-acf3-670d6cb97054.pdf

The PPP loan applications are not yet available but details will be forthcoming in the next few days/weeks. In the meantime, a new streamlined EIDL application (as mentioned in our summary) is a possibility, to provide a loan advance of up to $10,000. Visit  https://covid19relief.sba.gov/#/ to begin that application. As of today, this application is intended to be completed on the SBA website.

Your advisor at Sharrard, McGee & Co., PA is available to answer questions and support you through this process and other relief opportunities as they become available. Call us in High Point at (336) 884-0410 or in Greensboro at (336) 272-9777.