The enterprise value specialists at Ceibass have been busy working with lawn & landscape business owners to help them secure their fair share of the CARES Act and specifically the Paycheck Protection Program (PPP loans).
“If you haven’t put your application in, drop everything you are doing and get on it. Right now. Don’t be too busy. This is a great opportunity to improve your cash situation so that you keep your employees,” said Tom Fochtman, Ceibass CEO. “Get your team on this immediately. Today. Neither a personal guarantee nor collateral is required. Interest cannot exceed 4%. It starts out as a loan, turns into a grant and it may be forgiven under certain circumstances. It’s almost like free money.”
Under the Act as currently drafted, PPP Loans must be made on or before June 30, 2020.
Eligible firms include any business concern, nonprofit organization, veterans organization, or Tribal business concern that has 500 or fewer employees.
Generally, a PPP Loan is capped at 2.5 times average monthly payroll costs.
An otherwise eligible recipient must make a good faith certification:
that the uncertainty of current economic conditions makes necessary the loan request to support the ongoing operations of the eligible recipient;
acknowledging that funds will be used to retain workers and maintain payroll or make mortgage payments, lease payments, and utility payments; and that the eligible recipient does not have another application pending for the same type of loan or has received the same type of loan.
To review the CARES Act click here.
To review and complete the application and take to your banker click here.
