Government Grants and Loans

FFCRA CreditPaycheck Protection Program (PPP) LoanEconomic Injury Disaster Loan (EIDL)Employee Retention Credit (ERC)Payroll Tax Deferral (PTD)
What Can It Be Used For?· To help pay for COVID-19 related sick and family leave pay obligations.· Payroll
· Benefits
· Mortgage interest
· Rent
· Utilities
· Interest on other debt obligations
· Paid sick leave
· Payroll
· Materials
· Rent/mortgage
· Repay obligations that cannot be met due to revenue loss
· Offset payroll taxes· Defer tax payments to help manage cash flow
How Much?· 80 hours per employee for sick leave; up to $10k per employee for family leave· 250% of average monthly defined payroll costs, no more than $10M. Up to 8 weeks can be forgiven. Remainder becomes loan with low very interest rates.· Up to $2M· 50% of up to $10,000 in qualified wages, for a max credit of $5,000 per employee· Only applied to Employer Social Security
Covered Period4/1/2020 to 12/31/20202/15/ 2020 to 6/30/20201/31/2020 to 12/31/2020Wages paid after 3/12/2020 and before 1/1/2021Deposits due for the period: 3/27/20 – 12/31/20
Who is eligible?· Business with no more than 500 Employees (Independent Contractors are not eligible)
· Ability to track and report COVID- 19-eligible sick time and family leave wages paid
· Business with no more than 500 Employees
· Sole proprietors
· Independent Contractors
· Other self- employed
· 501(c)(3) and 501(c)(19)
· Loan can be forgiven Details Here
· Business with no more than 500 Employees
· Sole proprietor
· Independent Contractors
· Private non-profits
· Must meet disaster criteria)
· Business shutdown by gov.
· Significant reduction in gross receipts: (Seen 50% drop or more in rev. in the quarter Effective until gross receipts greater than 80% of gross receipts compared to the same quarter of the previous year)
· Any Business
· Repaid in 2021 & 2022
Combine With Others' COVID-19 Programs?· N/A, except PPP loan proceeds cannot be used/forgiven for FF wages covered by credit· Tax deferrals and loans cannot be combined with PPP in most situations· Bus. can apply for EIDL and PPP, as long as the money is used for different purposes. Review with your bank.· ERC and PPP cannot be combined· PTD and PPP cannot be combined in most circumstances.
How to apply?Pay COVID-19-eligible sick time and family leave wages paid via new earning codes
· EPSL-Self
· EPSL-Other
Credit applies to payroll immediately
· Apply through SBA lender
· Ask Journey Payroll Specialist for “PPP Loan Reports”
· Apply through SBA· Tell your Journey Payroll Specialist
· Credit applies to payroll immediately
· Discount once receipts go above 80% of comparable quarter 2019
· Tell your Journey Payroll Specialist
When Funded?Employers can apply the credit to payroll tax liability, seek immediate refund for excess or request a refund on their quarterly tax returnProgram started on April 3, 2020.Advanced funds, up to $10,000, will be received within three days of SBA receiving applicationImmediate, if electedImmediate, if elected
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