Small Business Loan Applications Now Being Accepted
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On Friday, April 3, the Small Business Administration and Treasury Department began facilitating the loan programs authorized in the CARES Act, also known as Phase Three of the federal COVID-19 response. While the rollout is experiencing some predicable bumps with such a rapid implementation, Treasury and banks are working to ensure that hiccups are being addressed and loans are being processed as quickly as possible.
Small business owners can apply for two separate Small Business Administration loans: the Paycheck Protection Program and the Economic Injury Disaster Loan programs. For the Paycheck Protection Program, amounts spent on payroll, rent and mortgage obligations are forgivable. For the Economic Injury Disaster Loan, amounts up to $200,000 do not require a personal guarantee and applicants may be eligible for forgivable $10,000 advance.
NRMCA hosted a webinar on March 30 and sent an update discussing and providing guidance on these loan programs. NRMCA members were urged to speak with their lenders, tax professionals and lawyers immediately to determine their eligibility and apply for the loans.
Click here for more information and additional guidance on these loan programs.
