FEDERAL FINANCIAL RESOURCES
TOGETHER WE WILL GET THROUGH THIS
SMALL BUSINESS OWNER'S GUIDE TO THE CARES ACT
The CARES Act, signed into law by President Trump early this week, has many provisions for the small business owner and operator. The Senate Committee on Small Business & Entrepreneurship has released a guide to help small business owners navigate the Act and find the information that is pertinent to them.
The guide sheet can be found here: Small Business Owner's Guide
WE'RE IN THIS TOGETHER
SBA RESPONSE TO COVID-19
We attended (virtually of course) a networking power hour hosted by the Apex CoC this morning. The guest speaker was Patrick Rodriguez, SBA Senior Area Manager, NC Carolina District Office. He can be reached at firstname.lastname@example.org or (919) 532-5525. Patrick gave a rundown of the financing available to help small businesses and nonprofits through the COVID-19 pandemic.
We wanted to provide you with some information about SBA assistance available to small businesses and nonprofits during the COVID-19 pandemic:
- Economic Injury Disaster Loans (EIDL): Available to small businesses or nonprofit organizations. Loans up to $2mil, 30 years fully amortized, 3.75% APR for small businesses 4.75% for nonprofit organizations. The payments do not start until 2021. Credit review has been relaxed and the loan requirements will look at business cash flow prior to 31st January 2020 to determine loan amount.
- Emergency Economic Injury Grants (EEIG): Grants up to $10k that are not required to be paid back. Apply for EEIG when completing application for EIDL.
Both EIDL and EEIG programs are funded directly from the US treasury. Applications are made online at https://disasterloan.sba.gov, it is a 2 page application, simple and quick.
The CARES Act that was just signed by Congress has a few other additional programs for small businesses and nonprofits. The rules for these programs are currently being written by the SBA and guidance should be available by Friday. The programs are:
- Payroll Protection Program: Funded through SBA 7(a) lending institutions. Up to $10mil. A portion of the loan is able to be forgiven if certain requirements are met
- Small Business Debt Relief: SBA will pay principal and interest of any 7(a), 504 and micro loans for up to 6 months
MAKE SURE TO SCROLL THROUGH THE SBA SLIDESHOW FOR MORE INFORMATION.
Disclaimer: In no way do we endorse any product or information contained on this page. We do not represent or work for the companies listed above. This page is for informational purposes only, it is not an application or offer of ay kind of financial service or advice