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As part of the new stimulus package signed by President Trump today, $349 billion is being allocated to assist small businesses with loans. The loans will be administered through the SBA 7a loan program via qualified commercial lenders and pertain to companies that have seen business decline as a result of COVID-19.
The objective is to help businesses impacted to ease payroll/overhead burden and bring back workers who may have already been laid off. The program can be retroactive to February 15, 2020, to help bring workers who may have already been laid off back onto payroll. The loan covers the period from February 15 to June 30, 2020.
To help you understand the different programs available, we have created a comparison chart that outlines the specific details for both the SBA Economic Injury Disaster Loan and the CARES Act. You can download that chart below.
We are committed to keeping our clients, friends and families posted on the latest developments in these unprecedented times. Please visit our website or call us at 866.760.0940 if you would like to discuss these programs.