COVID-19 Update: Main Street Lending Program The Federal Reserve has established the Main Street Lending Program to provide an additional $2.3 trillion in loans to support small and mid-size businesses. Loans in this program may be in addition to loans granted through the Paycheck Protection Program (although these loans are not forgivable). To qualify, a business must have no more than 10,000 employees and a 2019 annual revenue that does not exceed $2.5 billion. The business must also be created and have significant operations in the United States. A loan through this program will have the following terms: Minimum loan… read more »
COVID-19 Update: Your Business May Be Eligible for Federal Loans
COVID-19 Update: Your Business May Be Eligible for Federal Loans 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… read more »
