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What Businesses Need to Know About the CARES Act (Coronavirus Aid, Relief, and Economic Security Act).

  • Paycheck Protection Program / SBA 7(a) loan program
    • Businesses with fewer than 500 employees (some exceptions)
    • Maximum: $10 million @ 1% interest rate for the first 2 years
    • Based on 2.5 multiple of one month’s payroll, averaged over the last 12 months
    • Loans can be forgiven
  • Economic Injury Disaster Loan (EIDL) / SBA 7(b) loan program
    • Maximum: $2 million @ 3.75% interest rate
    • 1st month’s payment can be deferred a year from date of the start of the note
    • Can be approved on credit score alone, NOT repayment ability and no tax returns required.
    • Loans smaller than $200,000 can be approved without a personal guarantee.
    • Borrowers can receive up to $10,000 in emergency grant cash that does not have to be paid back.
    • Also available to sole proprietors & independent contractors
  • It is possible to get both a Paycheck Protection Loan & an EIDL, if the loans are not paying for the same expenses.
  • There are significant business tax changes to ease the burden on businesses impacted by COVID-19. (Contact us for details.)

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