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I had a small business owner forward an email from "SBA" stating "I’m a Special Agent with the U.S. Small Business Administration, Office of Inspector General. We investigate crimes against SBA programs. I understand that your information may have been shared with a company out of Utah without your permission. Please contact me at the number below to further discuss."

Please be careful as this is scam for the following reasons:
1) It wasn't the correct SBA logo
2) They won't be providing their cell number for you to call back
3) I could not find their name anywhere on the internet

If you come across this in the near future, please file these scams so that other small business owners don't fall into this trap:
https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline

Unfortunately, this is a prime example of people taking advantage of our small business owners at a time where they are desperate for information and help. Please reach out to us if you have uncertainty about someone reaching out and asking for your information.

Hi @Beatriz_m23

You can stay up to date at the SBA site: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp#section-header-4

We also are updating information at https://venturize.org/resources/covid-19-resources

I would say that if you use 75% of the loan proceeds on payroll (which is essentially 8 weeks of your full payroll) and 25% other approved costs (eg, rent) that you should be have the full amount forgiven even if you scaled back/down slightly. But, you're right to want to stay on top of the actual rules, since these are important financial decisions to make.

I'm a sole proprietor and have no employees or subcontractors. My most recent contract with a client terminated on Feb. 19. I have been looking for new clients, but it's very unlikely I'll find anything. I registered for unemployment on 3/19/20, declaring I was applying due to Coronavirus, and on 3/30/20 I received a response email from the EDD that I don't qualify for any benefits because I'm self-employed, but they still provided me with the obligation to report my work search. Then on 3/31/20 the CARES act came out. Now it seems like I may qualify for PPP, but I've been told during the webinar that I would not be able to register for both. So, first, which one would offer me better benefits? And, second, if PPP offers better benefits, what steps do I take to close my registration as unemployed and then register for PPP? I don't want to start my PPP application late, but also don't want to weave a tangled administrative mess that could delay provision of benefits.

@jawhite62
Hello, forgivable payroll expenses include your healthcare premiums as well as state and local payroll taxes (but not federal). Nonpayroll expenses are: 1) mortgage interest, 2) rent and 3) utilities.

I do not believe the computer program would be covered under either.

@elizlizard I don't have clear guidance for you on this, unfortunately. If I were you, I would make similar contributions to payroll as I did in 2019. If you try to do more (and pay less actual salaries, for instance, or pay in advance), that could possibly raise red flags during the forgiveness process. Without clear guidance from SBA on that forgiveness process, though, it is hard to say.

@bradrjohnson2307 We are awaiting more guidance from SBA rules for self-employed PPP loans, (ie how you calculate the max amount and forgiveness) but our understanding is that they will be forgivable loans. Details on the PPP is here: https://venturize.org/resources/payroll-protection-program

Any amount that is not forgiven converts to a 1%, 2 year loan with 6 month deferrment