The CARES Act Paycheck Protection Program (and how it can help small businesses)

Congress just recently passed the Federal Coronavirus Relief Bill referred to as the CARES Act. The centerpiece of the CARES Act is the $350 billion Paycheck Protection Program (PPP) which is designed to help small businesses such as real estate investors / agents, landlords, business operators, etc.. continue to make payroll at their staff’s current pay rate as well as cover key expenses by offering low interest rate loans with forgiveness potential.

Today we talk with Owen LaFave, Pinellas County market president for the Bank of Tampa, about the CARES Act PPP loans including who is eligible, what loan amounts are possible, and whether the loans are forgivable. Just remember that the PPP loans will be distributed on a first-come, first-serve bases, so you should get with your banker as soon as possible since the stimulus funds are limited and will eventually run out.

Here are some helpful documents related to this podcast discussion:

Application Borrower Paycheck Protection Program (PDF)
SBA & CARES Act (PDF)

Key Discussion Points

[01:01] Opening remarks by Eric Odum

[04:00] About our guest: Owen LaFave

[08:35] Discussion about Payrol Protection Program (PPP) / CARES Act ($2T stimulus package)

[11:08] Discussion about role of SBA / Banks for PPP loans

[15:34] Will the PPP loan funds be forgiven?

[17:11] Who is eligible to receive PPP loan funds?

[18:35] What criteria determines the loan amount a business can get?

[20:10] Closing remarks by Owen LaFave

[22:24] Eric’s Closing Remarks

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Added April 6, 2020

New SBA Guidelines….

About our Host

Owen LaFave is the Pinellas County market president for the Bank of Tampa. Owen is a well known presence and leader in our market for over 20 years. He has been intricately involved in handling and mobilizing the bank’s reaction to the federal CARES Act, and he also is overseeing and involving himself in bank operations and credit monitoring as we navigate this COVID pandemic crisis.