SBA Loans for Businesses
As you may have heard in the swirl of recent developments, the U.S. Small Business Administration (SBA) is offering relief for small businesses and private non-profits impacted by COVID-19.
Significantly, the Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted Friday is designed for a swift capital infusion to keep workers employed and small businesses afloat. The “Paycheck Protection Program” expands on the SBA’s existing 7(a) program. Many of the conditions of traditional SBA loans do not apply. The loans are to be made directly by private, local banks. And most importantly, the loans are forgivable if the proceeds are spent according to specified uses.
There are also loans available under existing programs such as the SBA Economic Injury Disaster Loan Program (SBA EIDLP) and Express Loans. However, there are important considerations involved in the interconnection of these programs.
Here are some links with information about the program:
Paycheck Protection Program FAQs for Small Businesses
SBA Disaster Assistance
Our team at Couhig Partners, LLC is available to assist and guide you through the process.
We have been busy studying the recent legislation and discussing how to best facilitate the process with several local banks.
Please feel free to reach out to us.