The link below will provide an overview from the US Chamber Of Commerce to help guide small business owners through the SBA emergency loan process.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
The administration soon will release more details including the list of lenders offering loans under the program. In the meantime, the U.S. Chamber of Commerce has issued
this guide to help small businesses and self-employed individuals prepare to file for a loan.
Source: US Chamber Of Commerce
The U.S. Small Business Administration’s (SBA) low-interest Economic Injury Disaster Loans (EIDLs) are now available to small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations affected by the loss of revenue due to the Coronavirus. As of 3.24.20, the below provides details for Economic Injury Disaster Loans- eligibility requirements, loan terms, credit & collateral requirements, forms to be completed, and contact information.
Source- SBA.govRead More