Paycheck Protection Program

The Coronavirus Aid Relief and Economic Security (CARES) Act created the Paycheck Protection Program (PPP) under the guidance of the United States Small Business Administration to assist small and medium-sized businesses suffering as a direct result of the Corona Virus 19 (COVID-19) worldwide pandemic. If your business has a record of fiscal health but needs assistance weathering the storm, you might qualify for a PPP loan.

What makes a PPP loan special?

As part of the CARES Act, Congress allocated $350 billion in loan funding for businesses that need help keeping workers employed and paying bills during the COVID-19 pandemic and subsequent economic downturn. PPP loans are 100% federally guaranteed and can be forgiven so long as businesses keep their workers employed during the pandemic.

Who qualifies for a PPP loan?

If you have a small or medium-sized business with fewer than 500 employees that showed financial strength before the COVID-19 pandemic but needs fiduciary assistance now, you may qualify. The purpose of the PPP is to provide businesses with the funds to keep as many workers employed as possible until revenue returns to sustainable levels.

What Amounts Can Be Borrowed?

Borrowers can receive up to 2.5 x the borrower’s average monthly payroll costs not to exceed $10 million, comprised of salary compensation, payment of cash tip or equivalent, payment for vacation, parental, family, medical or sick leave, and much more.

How can Cornerstone Capital Advisors Help?

The application process for the PPP can be daunting. Thousands of businesses around the country are seeking aid. It’s important to make sure your application is filled out correctly and all the proper documentation is provided. Cornerstone Capital Advisors can oversee this process to ensure your success.

Types of PPP Loans & Amounts Available

Small - Medium Business with 500 Employees or Less

Businesses That Showed Financial Strength Prior to COVID-19

Borrow up to 2.5X Your Monthly Payroll Cost - Up to $10 Million

New PPP Requirements

  • Must have been in business on or before 2/15/2020
  • 284  Billion
  • 300 Employees
  • Not to exceed 2 Million
  • 3.5 times Restaurant and food establishments
  • Demonstrate at least a 25 percent reduction in gross receipts in the first, second, or third quarter of 2020 relative to the same 2019 quarter. Provides applicable timelines for businesses that were not in operation in Q1, Q2, Q3, and Q4 of 2019. Applications submitted on or after January 1, 2021 are eligible to utilize the gross receipts from the fourth quarter of 2020

Contact us to discuss the Paycheck Protection Program & how it can help your business.

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5599 South University Dr., Suite 205
Davie, FL 33328