THE CARES ACT
The application is now available for CARES Act Small Business Loans. Who qualifies?
-Businesses with up to 500 employees or which meet the applicable size standard for the industry as provided by SBA's existing regulations
-Businesses in the accommodation and food services industries with more than one physical location but no more than 500 employees at each location
-Eligible independent contractors and sole proprietors.
-Loans will be available through SBA and Treasury approved banks, credit unions, and some non-bank lenders.
-Borrowers can borrow 2.5 times their monthly payroll expenses, up to $10 million.
-Applicable uses for the loan proceeds include: (1) qualified payroll costs; (2) rent; (3) utilities; and (4) interest on mortgage and other debt obligations.
-Loan forgiveness is available for funds used to pay 8 weeks of payroll and other qualified expenses.