The information here presented was received via email from 2020 Business Relief. The information provides basic information and links that may be useful for Business’ Owners.
CARES Act Program for Business Relief Funding
– (SBA) Disaster Loan up to $2,000,000
– Florida Bridge Loan up to $50,000
– (SBA) Express Bridge Loan up to $25,000
– Payroll Protection Program 1/2 Paid By Federal Government
Forgivable Grants (No Payback)
On March 11, 2020, President Trump announced in a national address that the SBA would be making $50 billion in low-interest loans available to small businesses impacted by the COVID-19 pandemic.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) greatly exceeds the President’s initial pledge. The Act also makes $10 billion available to the SBA’s existing Economic Injury Disaster Loans for companies impacted by COVID-19 and modifies the rules for those loans is several ways. At the time of this publication, the CARES Act (H.R. 748) has been passed
Paycheck Protection Program
Section 7(a) Paycheck Protection Loan, Section 1102 of the Act, dubbed the “Paycheck Protection Program,” amends Section 7(a) of the Small Business Act to make loans up to $10 million (based on a formula) available until June 30, 2020, to existing “small businesses,” a term defined under the Act as companies of up to 500 employees (including their “affiliates”—i.e., firms under common ownership or control) unless an applicable size standard for an industry (i.e., NAICS code) allows for a greater number of employees.
For more information about these programs go to https://covid19disasterhelp.com/
This information was accurate as of the day it was posted.
