COVID-19 SBA loans

CARES Act – Paycheck Protection Program and SBA Economic Injury Disaster Loan (EIDL) – Loan Forgiveness and Advances

On Friday, March 27, in response to the devastating impact of the COVID-19 pandemic on the U.S. economy, Congress passed, and President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (“Act”). Included in the Act was an appropriation of $350 billion for the Paycheck Protection Program (“PPP”). The PPP component of the [...]

2020-04-03T18:16:39-04:00March 30th, 2020|COVID-19, DISASTER RECOVERY, SMALL BUSINESS|

Economic Injury Disaster Loans

The Coronavirus Aid, Relief, and Economic Security (CARES) Act has expanded the Small Business Act’s (SBA) Emergency Economic Injury Disaster Loan (EIDL) grant program to allow small businesses, who are suffering economic harm due to COVID-19, access to loans and provided them with $10 billion in funding to support this program. EIDL loans are made [...]

2020-03-28T14:43:59-04:00March 28th, 2020|COVID-19, SMALL BUSINESS|

CARES Act, Division A – Small Business Assistance – Keeping Workers Paid and Employed Act

Small business employers have been impacted especially hard by the unprecedented fallout of the COVID-19 pandemic as many businesses have been forced to temporarily close, change their service delivery methods, and incur additional expenses or reduced revenues. As these entities now grapple with the reality of dealing with these new economic conditions, congress provided relief [...]

2020-03-28T14:02:01-04:00March 26th, 2020|COVID-19, SMALL BUSINESS|

SBA To Provide Economic Injury Disaster Loans for COVID-19 Related Economic Disruptions

The U.S. Small Business Administration (SBA) is offering all U.S. states and territories low-interest federal disaster relief loans for working capital to small businesses that are suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon request from the governor of a state or territory, the SBA will issue an Economic Injury Disaster [...]

2020-03-25T11:55:20-04:00March 24th, 2020|COVID-19, SMALL BUSINESS|

The Federal Reserve Takes More Aggressive Actions

The Federal Reserve has announced its most aggressive intervention to date, which includes an unlimited commitment to buy Treasury bonds, purchase corporate and municipal debt, and the establishment of a new loan program for small and medium-sized businesses. This is a historic effort to defend the U.S. economy from disruptions related to the coronavirus. The [...]

2020-03-25T21:12:42-04:00March 24th, 2020|COVID-19, SMALL BUSINESS|