BREAKING: With $349 billion in emergency capital cleared, SBA and The U.S. Department of the Treasury begin an unprecedented public-private mobilization effort to distribute funds to help small businesses.
The Coronavirus Aid, Relief, and Economic Security Act (#CARESAct) established a new $349 billion Paycheck Protection Program, which will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.
The new program will help small businesses with their payroll and other business operating expenses. It will provide critical capital to businesses without collateral requirements, personal guarantees, or SBA fees – all with a 100% guarantee from SBA. All loan payments will be deferred for six months. SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest.
▶️ Read the full press release: http://ow.ly/2OYT50z1xEU
▶️ Learn more about the Paycheck Protection Program and how to apply: https://sba.gov/coronavirus