CORVID-19 impact

[Ventax]

SBA Loan/grant.  Is it a loan or a grant? how do you qualify?.. any other grants for a small business?.. tax implications.

[IntuitJim]

Great question. There are multiple provisions of the CARES Act Stimulus. 

We have a webinar on Coronavirus legislation tomorrow, you can register here: https://proconnect.intuit.com/training/lacerte/

The SBA has 2 new loan provisions you can learn more about here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

The Paycheck Protection Plan loan is intended to cover payroll costs thru June 30, 2020 and may be fully or partially forgiven if the business meets the requirements. 

The Economic Injury Disaster Loan is a traditional loan with favorable terms (3.75% interest, up to 30 year terms). Only the Advance portion of the EIDL is forgiveable- that amount is $10,000 or less. 

Right now, banks are overwhelmed and little information is coming back about approvals or funding. Hopefully that improves soon.