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Take Action Now for Money Available Under the CARES Act

Paycheck Protection Program—Available to Institutions With Less Than 500 Employees*

By Ann Bolin

The recently signed CARES Act contains a program that allows businesses and non-profit institutions with fewer than 500 employees (including sole proprietors and nonprofits) to have access to “paycheck protection loans” through June 30, 2020. While these monies are characterized as loans, they do NOT require guarantees by the business and are 100% forgivable on a tax-free basis when the following contingencies are met:

  • the loan proceeds are used to cover payroll costs, as well as most mortgage interest, rent, and utility costs (the portion of the loan used to pay mortgage interest, rent, and utility costs cannot exceed 25%) over the 8 week period after the loan is made; and

  • employee and compensation levels are maintained.

These loans will be issued under the Paycheck Protection Program through authorized lenders under the Small Business Administration (SBA) program, which will include financial institutions and business development centers. Some highlights and specifics of the programs are:

  • Applications can be submitted starting April 3, 2020 through an authorized SBA lender

  • The size of the loan can be up to two and a half times your average payroll costs from the last year subject to a $10 million cap

  • Payroll costs include:

  • Salary, wages, and commission

  • Health insurance premiums paid by the employer

  • 401(k) match or profit-sharing contributions

  • State and local taxes on compensation

  • The sum of any compensation to an employee is capped at $100,000 on an annualized basis

  • Any portion of the loan that is not forgiven will have a maximum maturity of 2 years at an interest of 1%

If you have any questions and/or would like additional information on the Paycheck Protection Program, please contact your Blue Rose advisor and/or feel free to email me at

* Other parameters may apply if an institution has more than 500 employees. Disclaimer:  The details herein are subject to change. This summary is provided solely for the purposes of enhancing knowledge on legislative matters; it does not take into account any specific business facts and circumstances. It is not intended, and should not be relied upon, as tax, accounting, or legal advice.


About the Author:

Ann Bolin

Director of Accounting & Administration |

Ann Bolin joined Blue Rose as Director of Accounting and Administration in May 2016. Ms. Bolin is responsible for overseeing the finance, human resources and technology functions of Blue Rose. She is a member of the leadership team, which is focused on healthy, deliberate growth of the company. She is responsible for overall accounting operations including: the annual budget, monthly financials, payroll, annual insurance policies, and accounts receivables/payables. One of her key roles at Blue Rose is analyzing company processes and productivity in order to determine where and how to implement efficiencies. In addition, Ms. Bolin manages the human resources functions. She also works with the Director of IT to evaluate and implement the most appropriate, timely, and cost efficient IT projects.


Ms. Bolin is an inactive Certified Public Accountant – State of Minnesota and she holds a bachelor’s degree in accounting from the University of Minnesota - Duluth

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