The Independent Oil and Gas Association of West Virginia wishes to remind you that on March 31, as part of the Economic Stimulus Package, the US Treasury Department released guidelines regarding the Paycheck Protection Program. If you haven’t read about the program, it offers funds to pay eight (8) weeks of payroll costs including benefits if you keep employees on your payroll during the COVID-19 pandemic. If you have under 500 employees, you may apply. Some companies with greater than 500 employees, in certain industries, can also apply. Applications open on Friday, April 3.
Please understand banks, accounting firms and others are just received this information and are diligently working to determine the details. There is a funding cap, so you are encouraged to speak with your lender or accountant to apply as quickly as possible.
The SBA Borrowers Application can be accessed here: https://www.sba.gov/sites/default/files/2020-04/PPP%20Borrower%20Application%20Form.pdf
Find the link to the FULL AND COMPLETE information on the latest economic stimulus benefits package here: https://www.sbc.senate.gov/public/index.cfm/guide-to-the-cares-act
Interim Final Rule