APRIL 2, 2020
To our valued partners:
As a valued partner of PFSbrands, we are committed to supporting you and helping your business be more successful. With the effects of COVID-19 on the economy, and especially small businesses, the government and SBA have released the Payroll Protection Program (PPP) that we believe may be beneficial for your business. The PPP is a low interest loan designed to provide a direct incentive for small businesses to keep workers on payroll. The major benefit and differentiator of this program is the ability to have the loan forgiven (up to 100% of the loan) if the money is used appropriately. Below is some quick information on the program, as well as the application to apply and other informational documents.
Small businesses with 500 or less employees
Good Faith Certification
Must make a Good Faith Certification stating you feel this has financially impacted your business
Max Loan Calculation
2019 Avg. Monthly Payroll x 2.5
Up to 100% can be forgiven if used for payroll costs, rent, utilities, etc.
Can apply starting April 3rd and ends June 30th
For more information, download these resources:
- Payroll Protection Program Application
- Payroll Protection Program Overview
- Payroll Protection Program Fact Sheet
Founder & CEO