**Note – Guidance given in all COVID-19 government assistance programs was provided with the most current information made available to Apple Growth Partners at the time of response. Clarifications and further guidance is being disseminated from government authorities in an ‘on-going’ matter. All guidance should be reaffirmed prior to the submission of any application and/or program**
From Chuck Mullen, Chairman:
The SBA Ate My Homework!….A lot has changed since we first published our spreadsheet Sunday night for the new SBA 7a Loan (Paycheck Protection Program) and Forgiveness Calculator. The rules on how to calculate “payroll” have become fuzzier, with the new pronouncements, for example, and both bankers and CPAs are left to figure it all out. As we all scramble to re-interpret the exact calculations, it is possible that loan applications will need to be submitted, handed back, revised, and then resubmitted. Sort of like a homework assignment for an overly picky teacher (the teacher being the SBA). What’s more, the rate on these loans have dropped from 4% to .5% which, basically means banks are getting hit with more work and less financial incentive for their effort. With some patience, and a whole lot of effort, we will get through this weekend together of application submitting. We will be with you every step of the way until your application is SBA perfection! More to follow as we get further information….
Our COVID-19 Response Team has updated both the Max Loan and Loan Forgiveness calculators and are now available to download:
Per the most recent communication from SBA, if you are a sole proprietor or independent contractor, your application cannot be submitted until April 10th. Please note – this will not harm your opportunity to obtain the SBA 7a Loan.
We’re proud to be your partner in navigating these continuous changes. Contact our COVID-19 Response Team with questions – COVID19@applegrowth.com.
Your AGP COVID-19 Response Team
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