The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress with overwhelming, bipartisan support and signed into law by President Trump on March 27, 2020. This over $2 trillion economic relief package was developed to protect the American people from the public health and economic impacts of COVID-19.
Loan programs included under the CARES Act include:
SBA Debt Relief
The SBA Debt Relief program benefits both current and new applicants of SBA 7(a), 504, and microloans. Considerations such as waived principal, interest and fees, as well as loan deferment are available. Download the below presentation to walk through a quick overview of the benefits as categorized by CURRENT small business/franchise owners and NEW small business/franchise owners (those in the process of obtaining SBA funding at the current time through September 27, 2020). In order to take advantage of this option, you’ll need to contact your Lender directly.
SBA Economic Injury Disaster Loans
Economic Injury Disaster Loans (EIDLs) are another important component of the CARES Act. These low-interest loans may be used to pay fixed debts, payroll, accounts payable, and other bills that cannot be paid due to COVID-19 impact. And, as an additional bonus, a loan advance component of up to $10,000 has been added to this program as of last week. Download the below presentation to walk through a quick overview of EIDLs and application instructions. In order to apply for an EIDL, you will need to visit the SBA website at this link: https://covid19relief.sba.gov/#/