The U.S. House of Representatives committee on Small Business has created this great, easy to read guide for everything small business owners need to know about the CARES Act. This is a comprehensive look at all aspects of the bill and what it means for your business. Read the complete guide here.
As many of you are aware, CARES Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the “Paycheck Protection Program,” the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. I have added a link to their 4-page breakdown of who is eligible, what lenders are looking for, how much you can borrow and what is forgiven. Business ELA Guide
For those small businesses who currently have a business relationship with an SBA Express Lender, theExpress Bridge Loan Pilot Program allows access up to $25,000 with less paperwork. These loans can bridge the gap while applying for a direct SBA Economic Injury Disaster loan.
- Up to $25,000
- Fast turnaround
- Will be repaid in full or in part by proceeds from the EIDL loan
Find an Express Bridge Loan Lender via SBA’s Lender Match Tool.
I hope this information helps to clear up any questions you may have. If not, please feel free to call or email.
Enjoy your weeked,