Paycheck Protection Program  

Currently the Paycheck Protection Program is out of funds.  It is likely that Congress will approve more funds.  It is not clear when.

The Paycheck Protection Program overall allows for the payment of 2.5 months salaries, rents or mortgages, and utilities and will be forgiven if certain conditions are met.  

Forgiveness is based on maintaining salary levels. The unforgiven portion has a 2 year maturity and an interest rate of 1%.  

Salary is fairly broad and includes wages, cash tips, commissions, health care benefits, insurances, vacation or sick leave, retirement benefits and state and local taxes assessed on the compensation of the employee. 

It is capped at $100,000 per employee and the employee must be in the United States.  Benefits can be above the cap.

Details are provided below.  

To prepare for the application process: 

  • 2019 financials and federal payroll filings (940, 941) need to be in good order. 
  • Some banks may request W-3’s and W-2’s.  
  • Leases, invoices or bills for utilities and other source documentation must be provided.  
  • If you are self-employed, tax returns and 1099’s from clients will be required.  

More comprehensive information can be found at the Small Business Administration website.


Economic Injury Disaster Loan Emergency Advance

The Economic Injury Disaster Loan Emergency Advance is a $10,000 advance directly from the SBA that does not have to be repaid.  

The Company must meet SBA size tests or have less than 500 employees.   At least one source indicated that the advance will be given at the rate of $1,000 per employee.  

The Company can be a charity, church, business, or self-employed person.   

The loan application requires tax returns and evidence of harm.  The loan amount is make-up for the harm. It is unclear from summary information how that will be calculated. 

 A summary with a reasonable level of detail is available here

Please feel free to reach out to us with questions or issues. We have many resources available and can easily refer you to the appropriate expert if necessary.



Clients choose Harvest Business Advisors for our accurate business valuations and our consistent ability to deliver a high price as part of a smooth exit transaction.
Harvest Business Advisors provides business brokerage, business valuation, and business succession planning services. We have extensive experience in the information technology and professional services, manufacturing, distribution, and contracting fields. We maintain offices in Maryland, New Jersey and Virginia.
Connect with us at or 877-838-4966 to discuss selling your business, ordering a business valuation or buying a business.