[vc_row css=”.vc_custom_1585508821884{margin-top: 20px !important;}”][vc_column css=”.vc_custom_1585508099137{margin-top: 20px !important;}”][vc_column_text]Apex Benefits and Axiom Human Resource Solutions present “Rapid Response,” a breakdown of legislative and compliance issues affecting Indiana employers and workers. This video is part of a series that addresses the $2 trillion Coronavirus Aid, Relief, and Economic Security Act or the ‘‘CARES Act” signed into law by the President on March 27, 2020.

This video outlines small business provisions including SBA loans and the paycheck protection program.[/vc_column_text][vc_video link=”https://youtu.be/r2bci4qPOS0″ align=”center”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]

Small Business (SBA) Provisions Breakdown


  1. This 4% interest rate loan is 100% guaranteed by the SBA; 10 year term
  2. Who is eligible?
    • Businesses and 501(c)(3)s with less than 500 employees (per location). Includes sole-proprietors, independent contractors, other self-employed individuals.
  3. Where do we get it?
    • Any existing SBA lenders and any lenders that are brought into the program through the Treasury
  4. How can employers use the loan?
    • Payroll costs (only for employees making under $100,000)
    • Group health care benefits
    • Employee salaries
    • Interest on any mortgage obligation
    • Rent
    • Utilities
    • And any other debt obligations incurred before Feb. 15, 2020
  5. How much can you borrow?
    • The maximum amount is the lesser of $10 million or 2.5 times the average monthly payroll based on last year’s payroll.
  6. How long will it take to receive the money?
    • The SBA has authorized lenders to process, close, and service loans without SBA approval, giving you the means to invest in your business immediately.
  7. What if you can’t pay it back?
    • All payment on principle, interest, and fees will be automatically deferred for six months and
    • For businesses that retain their staff up until June 30, 2020, this loan will be forgiven.
  8. Can the entire loan be forgiven?
    • No, only the portion of the loan used to cover payroll costs, mortgage interest, rent, and utilities can be forgiven. 8 weeks can be forgiven.
    • And it will be reduced to actual payroll costs incurred during crises, not on basis of pre-crisis payroll costs.
  9. Economic Injury Disaster Loans
    • EIDL can be utilized, but not for the same purpose as the 7(a) Paycheck Protection Plan loan. For example, The EIDL can be used for operating capital and the PPP loan can be used for payroll.


NOTE: This presentation/information is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice.  [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]View all videos in the CARES Act Rapid Response series.[/vc_column_text][/vc_column][/vc_row]