Help on the way: CARE Act

Great information. IM awaiting confirmation from my accountant and payroll person as to how to apply. Ive got 4 employees...plus myself.

 

I know the PDF doesn't mention it, but are these "loans" the 10 year 4% loans that required all sorts of compliance updates to qualify?

 

Hopefully not but I think most sba loans are. We have one on our building and we have to send them financials plus employment updates every year.

 

There is a lot of info there. I applied for the Disaster loan of $10k already that's almost automatically forgiven for businesses thru SBA online. That was called the COVID 19 Economic Injury Disaster Loan. That was pretty easy to fill out. The CARES act was more involved from what I saw. I called my bank and they are participating in the SBA loans...so I know they will have my back at the outset of this. The issue was they could not provide me guidance on the different loans or grants offered yet as they didn't have all the guidelines themselves. The payroll protection was my main concern....I have great team and need to keep them together. That off the bat is forgivable by SBA if used to retain and keep people on the payroll.

 

Everything for applying will be made available on the SBA's website, according to Secretary Mnuchin. Only the disaster loan application is available right now.

 

Interesting to see how this will all play out.


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