CARES Act Support Amid COVID-19 Pandemic
Relief for Financial Services Centers & Employees
On March 27, 2020, President Trump signed a $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act relief bill that will provide support to those that are experiencing hardships due to COVID-19.
The CARES Act includes:
- Direct payments ($1,200/individuals, $2,400/family, $500/child) to individuals at specified income level thresholds
- Expansion of unemployment insurance for four months
- Availability of emergency loans and resources for small businesses
- Programs to stabilize key national industries
- Major relief and resources for health care providers, including $100B for hospital
- Investments in new medicines, therapeutics, and vaccines
FINANCIAL SERVICES CENTER SUPPORT
If you have 500 employees or fewer, or meet the current Small Business Administration (SBA) size standards, you may qualify for the relief listed below:
- Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
- Loan payments will be deferred for six months.
- If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
- Small businesses are eligible to apply for a loan advance up to $10,000
- If qualified, funds will be made available within three days
- This loan advance will not have to be repaid
- The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
- The SBA will pay the principal and interest of current 7(a) loans for a period of six months.
- Allows small businesses who currently have a business relationship with an SBA Express Lender
- Up to $25,000
- Fast turnaround
- Will be repaid in full or in part by proceeds from the EIDL loan
For more information regarding COVID-19 and other financial assistance opportunities, visit USA.gov.