Payroll Protection Update and Action Needed

The CARES Act signed in March to help business ride out COVID-19 is vast and complex. In implementing the act, many rules have been issued intended to provide clarity and direction to lenders. One of those rules has the potential for significant impact on seasonal business with the majority of their payroll latter in the summer. The CARES Act has a provision for calculating loan amounts which are based on last years payroll. The window for that calculation was March 1, 2019 to June 30, 2019. If your major payroll came after June 30, 2019 then the loan you could apply for was smaller.

The American Camp Association has published a blog post describing one of these rules. The rule stated an alternative set of dates for the calculation. Camps and other operations with peak seasons AFTER July 1, are strongly encouraged to read this post. You will learn that the opportunity to apply for these loans has expired.

If your site could have been aided by a different period of calculation, and you did not learn about the change before the end of the opportunity, please contact your US House Representative and asked them to request an extension of the window to apply. An extension would allow your business to have more benefit from the CARES act.