Paycheck Protection Program Details

The Details are finally out on the $349 Billion from the CARES Act that is meant to help small businesses and non-profit organizations have been affected by the coronavirus.  This is a different loan than the SBA Disaster Loan which does not have forgiveness and comes with a 3.75% interest rate.  We have had a ton of questions about this since it passed last week, and now we have some clarity.  Here is the breakdown from the department of the treasury, but if you want a synopsis you can keep reading.  Our friends at the Indiana Small Business Development Center – West Central District are hosting a Zoom conference call on the SBA funding programs.

How to Apply

Small Businesses and Sole Proprietorships can apply as soon as Friday (April 3) through an existing SBA lender or participating banks, credit unions, and Farm Credit System.  Independent contractors and self-employed individuals can apply as soon as April 10th.  Please ask your bank or credit union if they are participating before you send in the loan.  I have talked to several banks today, and they are still working on the details.  We hope to have a list of local banks for you to check out as soon as possible.  Also, you want to make sure that you apply as soon as you can on Friday to make sure you reserve you place in line.

Who Can Apply

This program is for small businesses with less than 500 employees, INCLUDING sole proprietorships, independent contractors (1099 workers), and self-employed persons.  It also allows non-profit organizations and veteran organizations to apply.  For those in the hospitality and food industry with multiple locations, each location could be eligible if that particular establishment employs less than 500 workers.

Loan Details and Forgiveness

Amount:  Up to 2 months of 2020 average monthly payroll costs plus an additional 25% of that amount.
Maturity Date:  2 years
Interest Rate:  0.5% (wow)
Needed Documents:  Payroll Documentation for 2019 and 2020
Loan Payments are deferred for 6 months (interest will accrue during that time)
No Personal Guarantees or Collateral required
No Fees
Forgiveness:  Based on Employer maintaining or quickly rehiring (by June 30th) employees and maintaining salary levels.  It is reduced if full-time headcount, salaries, or wages decline.  Also only 25% of loan earmarked for non-payroll costs is anticipated to be forgiven.

Application for Paycheck Protection Program


More Resources for Small Businesses and Entrepreneurs

We know you are busy and you are being bombarded with one COVID-19 email after another, and I am sorry to be another person littering your inbox, but we do have some valuable information to share.

1.  Level Two is currently staying open to service our Coworkers who provide “Essential Businesses and Operations“.  Our board did not come to this decision lightly, and we are implementing several strict measures to make sure we do not contribute to the spread of this deadly virus.  We will be having some digital marketing workshops remotely, which you can find out more by clicking the links below:

  1. Google Pay Per Click/SEO Optimization with Patrick Keller on April 7th at 9:00 am
  2. How to Build an Integrated Digital Ad Campaign

2.  We want to continue to provide you with a list of resources that could help you or your business through this stressful time.

  1. General Resources:
    1. gener8tor CARES Act vs Disaster Loan – a break down of the differences between the Disaster Loan program and the Cares Act
    2. Purdue Extension Economic Outlook webinar – join Dr. Larry DeBoer for an update of how the COVID-19 pandemic could impact the economy.
  2. Funding Resources:
    1. SBA Disaster Loan Program – loans up to $2 million for eligible entities, with interest rates of 3.75% for small businesses and 2.75% for nonprofits
    2. Facebook Small Business Grants Program – $100 Million in grants and ad credits for small businesses with more news coming soon.
    3. James Beard Foundation Relief Fund – micro grants for independent small businesses in the food and beverage industry.
    4. Google Small Business and Crisis Response  – $340 million in Google Ad Credits to SMBs with active accounts and much more.
    5. Micro Loans from Bankable or may be a good alternative, but the interest rates are higher (usually around 8%).
  3. Small Business Coaching:  Our partners continue to offer free business coaching services remotely.
    1. Business Ownership Initiative
    2. Indiana Small Business Development Center
  4. Resources and tools for working remotely:  A number of businesses are stepping up to the plate to expand their free offerings or trial period in order to help you get the most out of working remotely.  This is a big list (with providers offering more every week), but some of our favorites include Google, Microsoft Teams, and Zoom.
    1. Webinars to help you get the most out of your work from home time.  
  5. Skill-up Resources:  If you have lost your job and are looking for a new opportunity, gain skills, or a way to pivot your business in a new direction, here are some resources.
    1. MatchBOX Acceleration’s Entrepreneur Development series – for new or pivoting entrepreneurs.
    2. Unemployment Resource Guide – there is a webinar this afternoon (March 25th) at 3:00 as well.
    3. Eleven Fifty Academy – Learn to code or other cool tech stuff.
    4. Hendricks College Network and Visit Hendricks County Facebook Live on Job Assistance
    5. New Employment  Opportunities-  There are employers hiring, including CVS, WalmartAmazon and many more you can find at
  6. At Home Wellness:  We all need exercise, and here are some resources to get exercise at home.
    1. Headspace – is offering a variety of guided meditations and exercises for free to all businesses and your employees.
    2. Fitness Blender – free workout videos
    3. CrossFit:  At Home Workouts
    4. Here is a list of other workouts you can stream for free!  
  7. Digital Resources for your education and entertainment.
    1. The Plainfield | Guilford Township Public Library or your local library, while they may be closed, has a ton of resources for you to utilize.
    2. Education Resources for the kiddos or the kid inside you.  
    3. Amazon Prime for Kids
    4. More Digital Resources

You can also find a ton of resources, blogs, and articles about best practices to get the most out of your work from home experience, but after reading several I will try to oversimplify it for you.

  1. Communicate – Communication is key, so communicate with your partner, your kids, and your employees or employer.  Set expectations and guidelines.
  2. Set Boundaries – Set up a work space and try to keep it your work space.  When you are there focus on work, and when you are not there, focus on other things like your kids, your partner, or anything other than this stupid virus.
  3. Get Outside – the weather is warming up and 100 bazillion studies have shown that fresh air is good for you.  Go for a walk or a hike and for Pete’s sake stay 6 feet away from other people.
  4. Set a routine – yes this is hard, but getting in a rhythm is important.  Try your best and give yourself (and your kids) some grace if something comes up (because something always comes up).
  5. Do the most important thing first – Pick one thing that you need to get done in any given day, and do that first.  Go to your work zone, and focus on getting it done without distractions.
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