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WHAT MONEY CAN YOUR BUSINESS & YOUR CUSTOMERS GET UNDER THE NEW COVID-19 STIMULUS LAW?
On Friday, March 2, 2020, the Coronavirus Aid, Relief and Economic Security Act" (CARES) was signed into law. It is by far the most far reaching, most expensive and most encompassing law that has ever been passed in U.S. history. Every business will be affected by the law. The Government will be sending many of your customers checks and direct deposits, so that they can buy your goods and services. Unemployment benefits were increased, lengthened and the definition of who is covered has been expanded.
The biggest chunk of money will go to small businesses who are the backbone of this nation. Also, the definition of "small business" was expanded to give more money to more businesses. Many of you will be included in the small businesses entitled to money. Priority in disbursing of loans, under the law, will be given to to small businesses owned by "socially and economically disadvantaged individuals", businesses owned by women and businesses operating less than 2 years.
There will be grant money to run a business and emergency funds (up to $10,000.) that will be paid within 3 days of an SBA loan application. Grant money WILL NOT HAVE TO BE PAID BACK, EVEN IF THE LOAN IS NOT APPROVED. This will be, in essence, a cash infusion to all small businesses that can prove they were in business before COVID-19 (and can show expenses.) There will be no personal guarantees on the loans, no payments for at least 6 months and the interest rate will be 4%. Even companies that would not normally qualify for a loan will be entitled to a loan because the banks are required to evaluate them with "a risk weight of zero percent".
You need to know what benefits apply to your business. You need to be able to give advice to customers/clients and colleagues who are struggling.
Register for the webinar and learn what you need to know!