SBA Emergency Relief
With the current situation caused by social distancing and shelter-in-place orders, Congress has expanded the offerings of the Small Business Administration in order to provide relief to companies that are struggling.
Payroll Protection Program
The Payroll Protection Program is a new SBA loan for small business (less than 500 employees) to help companies cover payroll and other operating expenses including:
- interest payments,
- debt financing,
- rent and utilities.
The loan can be as much as $10M based on the amount of payroll the company has.
There is no personal guarantee required, and if the company uses the funds for payroll and retains its employees, the balance of the loan is forgiven in full.
The first day to apply is April 3rd, and we recommend that you apply early before the funds are gone.
If you would like to learn more, contact us now for a free consultation.