April 3, 2020
Image courtesy of iStock
Small businesses can begin applying for Small Business Administration loans available under the Coronavirus Aid, Relief, and Economic Security Act, known as the CARES Act, according to an SBA press release.
The loan program will help small businesses with payroll and other business operating expenses. It will provide capital to businesses without collateral requirements, personal guarantees, or SBA fees — all with a 100% guarantee from SBA. All loan payments will be deferred for six months. Most importantly, the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest.
For information on applying for the SBA loans, click here.
Topics: Coronavirus / COVID-19