As we continue to navigate through these troubling times, we want to assure you that Windstream is well prepared to minimize any potential disruptions to business operations and the services we provide to our customers, as well as provide information on available programs to help your business.
The United States Federal Government recently approved the Coronavirus Aid, Relief and Economic Security (CARES) Act, allocating $350 billion to provide financial relief to America’s businesses in response to the economic challenges driven by the COVID-19 pandemic. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. Here are some questions you may be asking and what you need to know.
Which Businesses Are Eligible For Relief Under the CARES Act?
Small business concerns under the SBA regulations, as well as businesses and 501(c)(3) nonprofit organizations with less than 500 employees are eligible, along with sole proprietors, independent contractors, and self-employed individuals. Other eligible businesses include those in the hospitality and food industries that have less than $500 million in gross receipts with more than one location, if the individual store employs less than 500 people – meaning each store location could be eligible. Eligible companies must have been in business on or before February 15, 2020 and must have been paying payroll and payroll taxes as of that date.
What Can The Loan Be Used For?
Funds may be used to cover payroll and group health insurance costs, as well as rent, mortgage obligations, utilities (including electricity, gas, water, internet, telephone, transportation), and interest on certain other debt obligations. If all employees are kept on payroll for eight weeks, the Small Business Association may forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities.
To learn more and to determine if your business is eligible, visit www.sba.gov. This U.S. Small Business Administration site provides a wealth of information on programs and services related to COVID-19, so be sure to check back often.
Remember, we are all in this together – our employees also live, work and connect in the communities we serve. Our thoughts are with you, and as always, thank you for being a valued Kinetic Business by Windstream customer.