🚨ATTENTION SMALL BUSINESS OWNERS (CARES Act info)

🚨ATTENTION SMALL BUSINESS OWNERS

The CARES Act, which includes SBA 7(a) relief (Paycheck Protection Program) loans to assist with payroll support, mortgage interest, rent, and utility payments was passed.

Here Are The Basics:

✅ Most small businesses with fewer than 500 employees are eligible.

✅ Business must be operational as of February 15, 2020, and had employees for whom it paid salaries and payroll taxes, or a paid independent contractor.

✅ Loan amounts up to $10 million with an Interest rate of 4%.

✅ 10-year full payout loan and payments may be deferred for one year.

✅ Unsecured and no personal guarantee.

✅ Eligible for loan forgiveness.

✅ Borrowers cannot apply for any other programs through the SBA for the same purpose.

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