CPAPhilly.com CARES Act Business Loan Calculator and Forgiveness Guidelines

Please contact info@CPAPhilly.com or call 215-483-5555 to find out how much you may be eligible for with our Business Loan Calculator.

Under the CARES Act, qualifying businesses include:

• Businesses with up to 500 employees or which meet the applicable size standard for the industry as provided by SBA's existing regulations.
• Businesses in the accommodation and food services industries with more than one physical location but no more than 500 employees at each location.
• Nonprofit organizations
• Eligible independent contractors and sole proprietors.
• Loans will be available through SBA and Treasury approved banks, credit unions, and some nonbank lenders.
• Borrowers can borrower 2.5 times their monthly payroll expenses, up to $10 million.
• Applicable uses for the loan proceeds include: (1) qualified payroll costs; (2) rent; (3) utilities; and (4) interest on mortgage and other debt obligations.
• Loan forgiveness is available for funds used to pay 8 weeks of payroll and other qualified expenses.
  

Below is the link on obtaining a loan from the SBA:

https://covid19relief.sba.gov/#/business-info

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