U.S. President Donald Trump signed CARES Act into law on March 27, 2020 providing $376 billion in relief for small businesses and workers

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Coronavirus Relief Options

Small Business and Worker Relief – U.S. President Donald Trump signed CARES Act into law on March 27, 2020 providing $376 billion in relief for small businesses and workers

Summary:

The U.S. CARES Act became law on March 27, 2020 alloting $376 billion in relief for small businesses and workers. These include:
  • Paycheck Protection Program – Businesses with less than 500 employees can apply to have their loans forgiven if they use 75% of loans on payroll, provided headcount and salaries do not decrease, from April 3-June 30, 2020
  • EIDL Loan Advance – Economic Injury Disaster Loan (EIDL) provides economic relief to small business of up to $10,000 that need not be repaid and will be received within three days of application if they are suffering from temporary loss of revenues
  • SBA Express Bridge Loans – Allows businesses who have existing banking relationship with an SBA Express Lender to access up to $25,000 that can be turned into a term or supplementary loan while waiting for EIDL Loan
  • SBA Debt Relief – SBA will automatically pay principal, interest, and fees of current 7(a) loans for period of six months, or new 7(a) loans issued prior to September 27, 2020 (Note: 7(a) loans are general purpose loans that can be used to buy a business or for working capital)
To learn more how to benefit from each program, visit the SBA website at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief
Company: U.S. Small Business Administration (SBA)
Category: Financial assistance – from government agencies
Source:

Original publication date: March 27, 2020

Date last updated: April 6, 2020

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