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  • SBA COVID-19

    SBA Loans

    Released today was the COVID-19 ECONOMIC INJURY DISASTER LOAN program. This is a streamlined process. This loan is for upto $10,000.00 for small business with less than 500 employees. The SBA estimates it will take two hours and ten minutes to complete all parts of the application. If you would like us to apply for you please contact the office and we will be happy to complete your appliction, our fee is $150.00. Here is the link to SBA .

    The PAYCHECK PROTECTION PROGRAM is still being set up. This is a SBA loan that some of the money may turn into a grant. The following are some of the provisions of the loan:

    • Available to small and medium sized buinesses with less than 500 employees, including 501(c)(3) nonprofit orpanizations, 501(c)(19) veterans orpanizaions and/or Tribal businesses.
    • Loan proceeds may only be used for specific expenses, such as payroll cost, utilities, mortgage interest, rent/lease payments, group healthcare benefits, interest on existing debt, and other approved efforts to retain employees.
    • Maximum loan size is up to 2.5 times average monthly payroll cost over the prior 12 months for most businesses, or over a more targeted period for seasonal businesses, but may not exceed $10 million.
    • The maximum loan term is 10 years, but shorter times are also available. The Secretary of the Treasury, in consultation with the SBA, will set guidance on interest rates and other terms and conditions of the program. Currently interest rates are negotiated between the SBA and lender and the borrower, based upon the Prime Rate or the SBA Peg Rate, with cap. Interest will be deferred for one year.
    • Paycheck Protection Program loans dose not require a personal guarantee nor collateral.
    • All or a portion of the loan may be forgiven. But don't assume frogiveness is automatic and any forgiveness will be based upon the sum of abounts paid in the eight weeks following loan origination for: a) Payroll, b) Mortgage Interest, c) Rent, and d) Utilities (defined as electricity, gas, water, telephone or internet access for services that began before February 15, 2020.)
    • Borrowers will not be charged any participation fees or pre-payment fees.
    • Loan and interst payments are deferreed for at least 6 months but no more than 1 year.
    • Impacted businesses may only receive one Paycheck Protection Program loan.
    • All eligible entiteis impacted by COVID-19 between February 15, 2020 and June 30, 2020 may apply.
    • Loans will be available through June 30, 2020. 

    If you would like us to assist you with this process please contact our office.

    Please check back for updates on these and other programs available. Aslo sign up for our newsletter, we will be sending out notices when we have updates. 

    J. David Campbell EA | 03/31/2020

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