Obtain financial relief
CGA Law Firm has created a COVID-19 Business Resource Portal on the CGA website with consistently updated information on government loan offerings. The site has easy-to-read charts, articles on specific topics, answers to the most frequently asked questions, and links to targeted loan applications. Follow the links below to learn more about loans that can bring relief to your business.
For small businesses (under 500 employees) in need of capital to cover payroll, utilities, rent, insurance, and loan payments:
Paycheck Protection Program. The SBA’s Paycheck Protection Program (PPP) is enabling small businesses to cover payroll and other expenses for eight weeks during the COVID-19 crisis. The loans cover up to $10 million and may be used to pay employees, utilities, rent, insurance, and loans not receiving tax credits through the Families First Coronavirus Response Act. If you are a small business with less than 500 employees and have not yet applied, please visit our COVID Resource Portal for the most current information: https://www.cgalaw.com/resources-to-help-your-business-navigate-covid-19/.
For rural businesses in need of capital:
USDA Business & Industry Loan Program. The B&I Guaranteed Loan Program is specifically targeted to rural businesses offering them better rates and longer terms than a conventional loan. Please visit our COVID Resource Portal for more information as these loans become available: https://www.cgalaw.com/resources-to-help-your-business-navigate-covid-19/
For large businesses (500 – 10,000 employees) in need of capital to cover payroll and other expenses:
Federal Reserve – Main Street Business Lending Program. Businesses with 500 – 10,000 employees are also eligible for loans through the Federal Reserve. The applications for these loans are not being accepted yet, although an estimated date is set for April 10, 2020. Please refer to the chart Titled “Federal Reserve – Main Street Business Lending Program” in our COVID Resource Portal for the most current application information and deadlines: https://www.cgalaw.com/resources-to-help-your-business-navigate-covid-19/.
When a smaller amount of money is needed more quickly:
Economic Injury Disaster Loan. The SBA’s Economic Injury Disaster Loan (EIDL) can provide vital support to help offset a temporary loss of revenue during the COVID-19 crisis. The EIDL advance funds have a limit of $1,000 per employee ($10,000 max) and should begin to be distributed this week. If you are a small business with less than 500 employees and have not yet applied, please visit our COVID Resource Portal for the most current information: https://www.cgalaw.com/resources-to-help-your-business-navigate-covid-19/.
Express Bridge Loan. If you or your business has an existing relationship with an SBA Express lender (see
For companies concerned about making payments on a current or potential SBA loan:
Small Business Debt Relief Program. As part of the SBA’s debt relief program, for current and new 504, 7(a), and microloans the SBA will automatically pay the interest, principal, and fees for a period of six months. For current SBA Disaster Loans (Home and Business) that are in “regular servicing” status as of March 1, 2020, the SBA will provide automatic deferments until December 31, 2020. Please visit our COVID Resource Portal for more information: https://www.cgalaw.com/resources-to-help-your-business-navigate-covid-19/.
If you need further clarification on these programs or any other, please contact a CGA Business and Corporate Law Attorney using the link below.
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