4.2.20 Business Owners Influencers and the Paycheck Protection Program

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.”  Read more