So today, President Trump signed into law the relief act.
As mentioned prior, all clients are strongly encouraged to apply online directly with the SBA. This is a direct government loan which is intended to keep you all in business!!! These loans will be at a low interest rate, long amortization periods, and absent personal guarantees. The loan proceeds may include payroll reimbursement, as well as certain overhead expenses as well. The application form is a relatively short document with basic information to be provided by you. Please do what you can, and as soon as possible, and let us know what help you will need to complete this process.
NEW LOAN PROVISIONS PURSUANT TO TODAY’S BILL
Your banker will likely be contacting you to process loans under the Bill signed today. Under these loans—it is likely that they will in the end be a GRANT. Initially, you will be able to secure payroll funding for 2.5 months of average payroll. The intent is to retain employees, and if you do so, the amounts will likely serve to be a GRANT should you retain employees.
All those of you who have government guaranteed loans– be it SBA 504 or 7A—the government will make your next six payments for you. For a 504 loan this would be the junior CDC portion.
STAY TUNED FOR MORE UPDATES AS THEY BECOME AVAILABLE!