Paycheck Protection Program

For immediate release: March 27, 2020

Paycheck Protection Program

The CARES Act includes provision for SBA loans for small businesses and full loan forgiveness

The CARES Act signed March 27, 2020 includes $349 Billion in funding for loans to help small businesses meet their overhead obligations in the face of COVID-19 related shutdowns and other disruptions to their business. Funding will be disbursed through Small Business Association (SBA) loans, and will be forgiven when the borrowers spend the funds in accordance with conditions set forth in the CARES Act.

Loans will be made under the SBA 7(a) lending program, which will be processed through qualifying SBA lenders such as banks and credit unions but guaranteed by the SBA. Businesses, nonprofits, Tribal businesses, and veteran’s organizations with 500 or fewer employees who are experiencing uncertainty of current economic conditions will qualify for this program.

Loans will be for up to 250% of the average monthly payroll costs for the 12 months preceding the loan application date, or $10 million, whichever is less. The eligible payroll costs include:
• Wages
• Salaries
• retirement contributions
• healthcare benefits
• covered leave
• cash tips or equivalent
• state or local payroll taxes
• and payments to independent contractors that is included in their net earnings from self-employment

These eligible payroll costs only include annual compensation up to $100,000 per employee and do not include any wages for which other COVID credits are being claimed.

These loans will qualify for 6 to 12 months of payment deferral when funded and will have loan fee waivers, and streamlined application requirements. Loan forgiveness will be equal to the amount spent in the 8 weeks after funding on qualified expenses. These qualified expenses include fixed operating costs for most businesses: payroll, health benefits, rent, interest, and utilities. In order to qualify for the forgiveness provision employers must keep their employment at the same level during the eight weeks they are paying wages qualifying for debt forgiveness as they had January 1st- Feb 29th 2020. This requirement can be waived if employees are re-hired to these levels by June 30, 2020. Any amount not forgiven will have a 10 year repayment period and an interest rate not to exceed 4%.

The SBA is required to issue regulations within 15 days of the enactment of the CARES Act. Once these regulations have been issued for the Paycheck Protection Program application process, Cordell Neher and Company will be able to provide guidance and assistance with the application process.

Cordell, Neher & Company, PLLC, is one of the largest Certified Public Accounting firms in North Central Washington with individual and business clients spanning the globe. The Firm has been providing businesses, not-for-profit organizations and individuals with financial and tax planning assistance for more than 50 years. The Firm is comprised of experienced, dedicated professionals with widely diverse backgrounds and areas of technical expertise. Because business and personal accounting today is so broad in scope, specialized expertise is needed to offer a full range of accounting services.

For questions please contact Kyle Meissner at (509) 663-1661 or


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