How To Apply?
What Is The COVID-19 Reliefe
For Small Businesses?
The government is helping small businesses bridge this economic emergency by giving them the funds they need to keep their employees on their payroll and stay in business. Thanks to The CARES Act, the government is helping hardworking American business owners by:
- Providing $350 billion in forgivable loans for small businesses through the Paycheck Protection Program
- Providing advances on SBA disaster loans that never have to be repaid
- Forgiving existing non-disaster SBA loan payments over the next six months
Benefits of an SBA-Backed Paycheck Protection Program Loan:
Paycheck Protection Program FAQs
The following are the aspects of the Paycheck Protection Plan as we have interpreted in the CARES Act. These are subject to change upon guidance from the SBA and the U.S. government.
- Who Is Eligible? Each of the following as of 2/15/2020
- What is needed to determine Eligibility?
- How do you calculate the total loan amount?
- What is the allowable use of proceeds?
- What is the interest rate and term?
- What collateral is required?
- Are personal guarantees required?
- Is the Credit Elsewhere Rule enforced?
- Other Conditions and Requirements
- Is it true I won’t have to pay back my loan?
- Can I get both a disaster loan (EIDL) and a Paycheck Protection Plan (PPP) Loan ?
- What will be the Required Application Document Checklist?