CARES Act Small Business Loans
There is so much conflicting info on the CARES Act small business loans. While the information is still unfolding, there are a couple of things which warranted an immediate post. This post will be updated as new information comes on-line.
SBA up to $10k Small Business Grant – Sign up NOW!
-Will give you $1000 for each employee.
-Limited Pool of funds, first come, first serve.
-Will roll into PPP loan or SBA loan only if approved.
Link – https://www.sba.gov/funding-programs/disaster-assistance
PPP Loan – Sign up NOW!
-Done through local bank.
-Not credit driven.
-Amounts for payroll should be forgiven.
-Includes owner payroll and draws.
-Includes staff.
-Payroll capped at $100k for each person on payroll.
-Short term solution.
-Additional $400 Billion approved in late April to continue to fund program.
The PPP program which is available through most banks and credit unions (use the one you bank with). Here is a link to the fact sheet – https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf
SBA Loan @ 3.75% – Cheap long term money if qualify.
-60-90 days approval process.
-Non-Forgivable.
-Long term solution.
Link – https://www.sba.gov/funding-programs/disaster-assistance
Need Help? Feel free to reach out to us directly.
