CARES Act Support Amid COVID-19 Pandemic
CARES Act Support Amid COVID-19 Pandemic
April 1, 2020

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:

 

Paycheck Protection ProgramApply Here!

  • 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.

 

Economic Injury Disaster Loans & Loan Advance

  • 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

 

SBA Debt Relief

  • 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.

 

SBA Express Bridge Loans

  • 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.

About the Author

Julie Sepulveda
Marketing Coordinator

I have a love for design, organization and family. 

Posted in: Compliance News, Financial Services News
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