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The CARES Act and Payroll Protection Plan

In a recent Town Hall for PMMI members, representatives from alliantgroup, Dean Zerbe and Rick Lazio, provided some insights into the relief available for small and medium size businesses.

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Disclaimer: The information contained in this presentation is provided for informational purposes only and should not be construed as legal or financial advice on any subject matter. You should not act or refrain from acting on the basis of any content included in this presentation without seeking legal or other professional advice.

Watch and Listen to the PMMI Town Hall Webinar: 

The Payroll Protection Program, initially started with $350 billion and recently injected with an additional $484 billion dollars on April 24,, provides loans through the Small Business Administration’s 7(a) program.  Some of the additional dollars are for hospitals and testing.

"The Payroll Protection Program is the centerpiece of the CARES Act," according to alliantgroup’s Rick Lazlo.  That's the loan for small- and medium-sized businesses that have 500 or fewer employees.

Rick Lazio:  It’s absolutely the Congress’s intent and the President's intent to keep as many Americans employed as possible. Of course, there's millions of Americans that are employed by small- or medium-sized businesses. So, a number of these “emergency stimulus provisions” are aimed at payroll.

They're aimed at encouraging businesses to retain headcount and to continue paying employees a good amount of what they were paying at least in order to keep the economy flowing. Most people don’t realize that almost 70% of GDP has to do with consumer spending. It's driven by consumer spending so we want to have people employed and spending in order to keep the economy lifted. And of course we need small businesses that are innovators and driving much of the American economy.

A major difference with this program is, that unlike applying directly to the SBA, this is a situation where you're using applying directly to the approved lender network that the SBA uses, about 1800 banks and thrifts and other lending institutions. And that number, by the way, has been increasing by close to 100 each day as the Treasury Department approves new lenders to get in that program.

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