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CARES Act for SMB
Coronavirus Aid, Relief, and Economic Security Act ‘‘CARES Act” for SMBs
Small to Medium Business (defined as under 500 employees)*:
Paycheck Protection Loans: Forgivable loans up to 2.25x Average monthly payroll costs during 12 months prior to the loan.
75% of the loan must be utilized for payroll. Balance for rent and utilities and interest on mortgages/debts.
Forgiveness based on maintaining or quickly rehiring employees and maintaining salary levels.
If employee count drops, the amount forgivable drops by same %.
All small businesses are eligible.
Applications can begin April 3rd at any SBA approved lender.
Applications are also available available at:
https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf
Economic Injury Disaster Loan (EIDL) & Economic Injury Grants:
Loan up to $2M repayable over 30 years at 3.75% interest rate.
In addition to loan - access to grants up to $10k to assist with OpEx will be paid within 3 days of applying for EIDL.
Apply at
https://covid19relief.sba.gov/#/
SBA Express Bridge Loans – Up to $25k:
https://www.sba.gov/document/support--express-bridge-loan-pilot-program-guide
6 Month Principal and Interest Loan Relief for existing SBA loans through an approved SBA lender.
Resources for further information
https://home.treasury.gov/
https://www.sba.gov/
https://getstarted.hbs.net/covid-19-help