We wanted to reach out to our business owners and influencers to share information regarding the Small Business Administration’s (SBA) loan program that is part of the CARES Act signed by the President last Friday. The legislation allows for $349 billion in forgivable loans to small business owners to meet payroll during the coronavirus crisis. The Paycheck Protection Fact Sheet is full of great information and other resources can be found by visiting United States Treasury or Coronavirus: Small Business Guidance and Loan Resources. You can access funds by applying through any SBA lender such as a bank or credit union starting April 3rd. The program overview states “The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities. Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.”
The program is designed to get resources in the hands of business owners quickly with less hoops to jump through. Please fully read and understand the terms and conditions before accepting the loan. If you require assistance, please review and complete the Fastrack Borrower Application, gather the requested information and contact your preferred financial institution. If you need help finding a lender, feel free to let us know and we’ll be of service in any way we can. Thank you, Tim
The content provided herein is based on our interpretation of the CARES Act and is not intended to be legal advice or provide a tax opinion. This document is a summary only and not meant to represent all provisions within the CARES Act.
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