The C.A.R.E.S. Act became law with the President’s signature on March 27, 2020. In addition to checks ($1,200 and $ 2,400) going out to taxpayers the legislation includes help for small businesses in the form of low interest, forgivable loans. It is called a Payroll Protection Program loan offered through the Small Business Administration and your local participating banks. A small business with fewer than 500 employees can qualify.

The loans have a maximum interest rate of 4% and a maximum term of 10 years. There are no SBA fees or personal guarantee associated with the loan. The loan can be forgiven tax free if used to pay for payroll costs, mortgage interest, rent, or certain utility payments. Please contact us for additional details of this opportunity. We can be reached via our website, phone (513-676-6770), or email rcupp@donohoocpa.com.