There are upwards to 30.7 million small businesses in the United States now facing unwanted challenges. A National Small Business Association member survey last week found that three in four small-business owners are very concerned about the economic impact of the coronavirus (COVID-19).
Capital for Business works with small business owners every day to help them get the funding they need to expand and save money. As the coronavirus impacts our country and your business, we want to provide you with information to help you mitigate the effects of this pandemic.
In addition to following daily local and federal government updates, there are new resources available to help entrepreneurs impacted. Here’s information that may be of assistance.
As you have likely heard, The CARES Act was signed last week which includes $350 Billion to be distributed to small businesses under a new SBA 7(a) program called the Paycheck Protection Program. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
The U.S. Chamber of Commerce has prepared useful information on this new 100 % guaranteed SBA 7(a) loans including eligibility, loan amounts, loan forgiveness, and more. Capital for Business and Banks in the SmartBiz marketplace will be participating in the Paycheck Protection Program.
Paycheck Protection Program Info
While the SBA is finalizing the guidelines for this new product, we are working non-stop to get this new application flow available as quickly as possible. We expect this flow to be available in the next several days. You will then be able to submit your application to get a Paycheck Protection loan.
In the Meantime: We are still actively processing working capital and debt refinance SBA 7(a) loans and Bank Term loans.