Loan programs for Businesses Impacted by COVID-19

Many small businesses and their employees have been impacted by COVID-19.

To help small businesses and their workers though this pandemic, the President has authorized the SBA to provide assistance.

There are several SBA loan programs including Enhanced Debt Relief and Disaster relief programs to assist businesses during this tough time.

The Coronavirus Aid Relief, and Economic Security (CARES) Act is allocating $350 billion. Also known as the Paycheck Protection Program, it provides 100% federally guaranteed loans to small businesses.

Importantly, if all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest or utilities. Up to 100 % of the loan is forgivable.

https://www.sba.gov/funding-programs/loans/paycheck-protection-program#section-header-2

SBA guidelines have not yet been issued on these loans. Once the administration releases more details we will share that information with you.

As always, Payroll Service Solutions is here to assist and support you through these challenging times.

Payroll Service Solutions update during Coronavirus Outbreak

First we would like to express our sincerest wishes for the health and safety of you, your employees and loved ones.

Please be aware that there will be no interruption in your service with us as this ban goes into effect. We have made provisions to accommodate the PA governor’s order.

Effective Monday, March 23rd we will be temporarily suspending the pickup of payroll packages at our office. We have several options for you to choose from to get your information to you.

At present, the Federal Reserve has not announced any changes in their daily operations. Unless and until changes are announced, we are fully prepared to meet all existing payroll deadlines. We are pleased to assure you that we remain ready and available to handle your payroll needs.

While we cannot predict how long this emergency will continue, we are prepared to serve you for an extended period. We do not anticipate interruptions in the high level of service you are accustomed to receiving.

The president has authorized the SBA to provide assistance. We would encourage any small business in the effective areas to consider seeking relief if needed. You can apply here.

https://disasterloan.sba.gov/ela/Account/Login

We wanted to address some of the specific questions that we have been asked:

Can I still expect delivery of my payroll? Yes, at this time our courier service is operating as normal. If you have specific instructions or need to change the delivery address please let us know.

Can my employees file for unemployment benefits if my business is temporarily closed because of COVID-19? Yes, they may be eligible for benefits.

Can I reduce my employee’s hours because of COVID-19? Yes

Will my unemployment tax rate increase if my employees file for benefits due to COVID-19? No, businesses that are temporarily closed will be granted Relief from Charges and your tax rate will not be increased because of COVID-19 related claims.

Is there somewhere I can find more information about unemployment? Yes. Go to https://www.uc.pa.gov/COVID-19/Pages/Employer-COVID19-FAQs.aspx

Are there programs to help employers having financial difficulties due to COVID-19? Yes, the Shared Work Program can help https://www.uc.pa.gov/employers-uc-services-uc-tax/shared-work/Pages/default.aspx as well as the PA Department of Community and Economic Development https://dced.pa.gov/resources/.

We will continue to monitor the situation and update you.

Please call us with any questions or concerns at 215-624-0922 as we are here to help you.

Is your business at risk from Data Breaches and Cyber Attacks?

  • 43% of all Cyber Attacks are aimed at small businesses.
  • In the last year, 76% of businesses reported that they have been a victim of a phishing attack.
  • The cost of a data breach is now averaging $160 per record. How many records do you maintain?

Small businesses can affordably obtain the same protection large corporations can.
Call us today at 215-624-0922 to find out how.