DAY 5: CURO Quarantine Series

Stay Positive. Stay Focused. Stay Strong (and home).

For the next three weeks, we will share the most important takeaways from the latest economic events to help our clients, friends and the rest of the community make imperative and well informed financial decisions. Everything from how to support your local businesses to how to navigate new tax laws - the CURO Team has the answers.

What do you want to learn about? Share your questions here.

Please feel free to share these updates with a friend or family member you're feeling especially thankful for.

Wellness & Well-being:Meditation is one of the best practices we can implement for our mental health. Not only can it relieve stress and anxiety, but also can increase mood; and right now, we need all the happiness we can get. For the next year, Elevate is offering a free year subscription to their new meditation app BALANCE. Head over to your app store to download. Then all you have to do is create your account, and click on the payment page to unlock your free
year.
Barratta, Russell & Barratta is dedicated to helping our community. Right now, they are offering to draft a complimentary updated and current Advance Directive For Health Care. Fill out this attachment and email to Ken@barattarussell.com.

How do I qualify for benefits under the CARES Act? 10 Important things small business owner needs to know?

Companies with fewer than 500 employees can apply for a loan administered by the SBA that may be forgiven to the extent the money is used to pay employees, benefits, rent, utilities, and mortgage interest for the business during the 8-week period following the funding date of the loan.
The maximum borrowing amount is based on 250% of monthly average payroll costs, up to $10 million (note: eligible payroll costs exclude compensation of an individual employee in excess of an annual salary of $100,000).
The amount eligible for forgiveness may be reduced if you reduce workforce or a reduction of greater than 25% in compensation of employees.
Any part of the loan not eligible for forgiveness will be payable over 2 years at an interest rate of 1.0%.
Loan payments will be deferred for six months.
The SBA also offers Economic Injury Disaster Loans (EIDL), which are not eligible for forgiveness, but can be used for any operating expenses.
In addition, an applicant for the EIDL could be eligible for a $10,000 emergency grant, which would be paid within a few days of applying
Banks that currently offer SBA loans will also offer the PPP loans. In addition, the government is working to expand the number of institutions offering these loans to help support the expected demand.