The coronavirus has taken an enormous human toll, and an economic one as well.
Many business owners have been forced into sweeping layoffs, or shuttering completely. But the newly- enacted cares act is offering relief.
The paycheck protection program provides 350-billion dollars, in the form of sba loans, and is available to companies in urgent need of cash flow assistance.
We’ve provided some links with more information below.
- https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
- https://www.sba.gov/funding-programs/loans/covid-19-relief-options
The measure generally targets business, nonprofits, tribal businesses and veterans organizations with fewer than 500 employees.
These federally insured, partially forgivable loans can be used to cover short-term operating expenses during the economic crisis.
The maximum loan size is equivalent to 250 percent of the employer’s average monthly payroll costs or $10 million, whichever is less.
It can also be used for rent, utilities, and interest on other debt obligations.
Here is another important point:
If you have already taken out at an SBA EIDL, economic injury disaster loan related to co vid- 19, you can refinance the Loan under this program and receive loan forgiveness benefits on the refinanced amount.
The program features are generous, the application process has less red tape than a typical SBA loan, and part or all of the loan may be forgiven, so start the process today. And if you need help call attorney Paul Burkart or visit paulburkhart.net