PPP Application Submissions….its kind of like Black Friday Shopping…but this is actually serious!

April 03, 2020

I hope all of you who are eligible got your paperwork in for the Paycheck Protection Program.  Like any mad rush, the system got overwhelmed and we are hearing that processing has been delayed.  It’s kind of like Black Friday Shopping:  A lot of craziness for lots of deals….but this is actually serious!.  Let’s hope the processing issues get resolved and the funds get to as many businesses as possible.

A few things:

  1. PPP Application:  Please make sure you are using the latest PPP application.  Linked is a copy.  If you have not submitted the paperwork as of yet, we have a list of SBA lenders linked.  We have also created a memo which outlines the Interim Final Rule (i.e. guidelines) for the loan along with some other useful PPP docs. Also, the PPP worksheet that we sent around yesterday was meant purely as a helpful tool.  It was shared with us by a local lender.  It may not be up to date with the latest guidance from the SBA. 
  2. NJ Economic Relief Program for Businesses:  Apologies for not sending this out earlier.  Here are the links for the NJ relief for small businesses.  The application period is open until April 10th.
  1. 10 Point Plan for Restaurant Employers:  The following article has a good 10 point plan for restaurant employers.  It may be of use if you are in the restaurant or hospitality business.  The link is here
  2. Market goes up more than down over time:  Check out the linked chart from Jackson National Life Insurance Company.    It highlights the various crisis events and the subsequent market returns.  Pretty interesting.  Thanks for forwarding to me Larry Moskowitz.
  3. Retirement Accounts present another funding option from the CARES Act  (WE ARE NOT OFFERING AN OPINION ON THIS….MERELY PROVIDING THE INFO…TALK TO YOUR PLAN ADMINISTRATOR OR FINANCIAL ADVISOR FOR MORE DETAILS)-  The CARES Act allows eligible participants to request penalty free distributions of up to the lesser of $100,000 and qualified loans of up to $100,000 or 100% of a participants vested balance for qualifying corona-virus related reasons.  The reasons could be:
    • You have been diagnosed with COVID-19
    • You have been significantly impacted financially (i.e., furloughed, laid off, work hour reduction, business closure, etc.) due to COVID-19.
  1. Upcoming Webinars:
      • Huntington Bank, COVID-19 SMAR Talk Weekly Webinar, Wednesday April 8, 2020, 1pm-2pm:  The registration link is here.

Please see all of our updates at the following link:

As always, please don’t hesitate to email myself, Andy Miller ( or Christian Miller ( or anyone in our office with any questions or comments. 


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