Updated: May 5
March 31, 2020 - Nashville, TN: The SBA announced, as a part of its CARES (Coronavirus Aid, Relief, and Economic Security) Act that it will be offering Small Business Owners help to keep their doors open by providing needed capital during these unprecedented, challenging times.
The CARES Act offers small business owners help by creating a new Paycheck Protection Program that provides $349 billion in funding with the intention of keeping businesses viable and helping owners keep their employees on the payroll.
The SBA has set the program up to be distributed through local SBA lenders. Small business owners can go to a participating 7(a) lender, bank, or credit union, apply for the loan, and even be approved the same day.
These job retention loans provide small business owners help with their payroll costs, rent, utilities, and mortgage interest, and offer loan forgiveness to owners who take advantage of the loan for the expenses listed above.
In a press release dated March 31, 2020, the SBA stated, "The loans will be forgiven as long as the funds are used to keep employees on the payroll and for certain other expenses... All loans will be deferred for six months. Most importantly, the 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."
For more details and to find the SBA office near you, visit the SBA website