Small business economic relief

Economic relief for $mall businesses

The Coronavirus Aid, Relief, and high subscription, at least 75% of the forgiven currently have a business relationship with an Economic Security (CARES) Act amount must have been used for payroll). SBA Express Lender to access up to $25,000 was passed by Congress with overLoan payments will also be deferred for six quickly. These loans can provide vital ecowhelming, bipartisan support and signed months. No collateral or personal guarantees nomic support to small businesses to help into law by President Trump on March are required. Neither the government nor overcome the temporary loss of revenue they 27, 2020. This over $2 trillion economic lenders will charge small businesses any fees. are experiencing and can be a term loans or package contains $376 billion in relief for — Economic Injury Disaster Loan used to bridge the gap while applying for a American workers and small businesses. Emergency Advance: This $10,000 Ecodirect SBA Economic Injury Disaster loan. The U.S. Small Business Association offers multiple funding options for those seeking relief, including: — Paycheck Protection Program: This loan is designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, nomic Injury Disaster Loan advance is designed to provide economic relief to businesses currently experiencing a temporary loss of revenue due to COVID-19. At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. Agricultural businesses include those busi— SBA Debt Relief:As part of the SBA’s coronavirus debt relief efforts, the SBA will pay 6 months of principal, interest and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to Sept. 27, 2020. This relief is not available for Paycheck Promortgage interest, or utilities. Businesses can nesses engaged in the production of food tection Program loans or Economic Injury apply through any existing SBA 7(a) lender and fiber, ranching, and raising of livestock, Disaster loans. Borrowers do not need to or through any federally insured depository aquaculture, and all other farming and agriapply for this assistance, it will be automatiinstitution, federally insured credit union, cultural related industries (as defined by cally provided if applicable.  and Farm Credit System institution that is section 18(b) of the Small Business Act (15 participating. The loan will be fully forgiven U.S.C. 647(b)). For more information about these programs, if the funds are used for payroll costs, interest — SBA Express Bridge Loan: This provisit https://www.sba.gov/funding-programs/ on mortgages, rent, and utilities (due to likely gram allows small business owners who loans/coronavirus-relief-options