The Paycheck Protection Program: What You Need to Know to Determine If It Is the Right Fit for Your Business - Old Peak Finance

The Paycheck Protection Program: What You Need to Know to Determine If It Is the Right Fit for Your Business

April 15, 2020

CaresAct-Rick-image

The Paycheck Protection Program: What You Need to Know to Determine If It Is the Right Fit for Your Business

April 15, 2020

The COVID-19 crisis hit the market hard when stay-at-home and quarantine orders were introduced, shuttering many businesses essentially overnight. Even those that were able to stay open had to scramble quickly to meet new market needs and follow new regulatory guidelines. Others have had to layoff or furlough staff, or reduce their wages or hours. 

The CARES Act was passed to mitigate that impact, including a provision called the Paycheck Protection Program. This program provides businesses with up to $10 million primarily to cover paychecks for staff and is a 100% forgivable loan if certain requirements are met. 

Rick Waechter, CFP® and founder of Old Peak Finance, shares the details of those requirements here:

There has been a lot of demand for the Paycheck Protection Program, as would be expected, so we recommend business owners who qualify apply though their business banking relationship as soon as possible. If you have questions about how this impacts your financial strategy as a business owner, contact us. We are here for you. 

A transcript of this audio can be found here.

This article is not intended to provide tax, legal, accounting, financial, or professional advice. Readers should seek advice from qualified professionals who can review their specific circumstances. Old Peak Finance endeavors to provide information that is accurate and current. However, we cannot guarantee that this information has not been outdated or otherwise rendered incorrect by new research, legislation, or other changes. Old Peak Finance has no liability or responsibility to any individual or entity with respect to losses or damages caused or alleged to be caused, directly or indirectly, by the information contained on this website.

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