Frequently Asked questions about the CARES Act and the Paycheck Protection Program PPP loans
Coronavirus Aid, Relief, and Economic Security (CARES) Act
On Friday March 27 2020, the US House passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the President signed it into law. Lawmakers on both sides of the aisle already are talking about yet another major coronavirus response package. This site has been set up by the good people at MyBusinessLoan.com, the Business Funding Simplification Experts©, as a service to help our friends and family who are running small businesses in these great United States get to the $money. This site is actually the first of a series of efforts to put out real and relevant information to American businesses and nonprofits who are desperately trying to understand the process to apply for the current loan and grant programs such as the Paycheck Protection Program, Disaster Assistance Grant, Disaster Assistance Loan, and the various loan forgiveness schemes. These are unprecedented and scary times, but the team at MyBusinessLoan.com are focused and dedicated to being a safe place where you can count on the information being put out. Please feel free to reach out to us if you have any questions or suggestions.
Paycheck Protection Program (PPP)
The PPP is the forgivable loan and is based on the SBA’s longstanding 7(a) loan process, but with some unique features. The new loan program enables charitable nonprofits and for-profit entities with 500 or fewer employees to secure funds to pay staff and operating costs for two months. If you stick to the rules very carefully, the loans will be forgiven. The SBA has until April 11 to announce its guidance, so you have to get prepared. Congress appropriated $349 billion for this program.
(Sourced in part from nonprofitquarterly.org)
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Disaster Assistance Loans and Grants
Rapid Grant Process:
Expanded Economic Injury Disaster Loan (EIDL) applies looser credit standards than the EIDL had in place and creates a rapid grant procedure that could put $10,000 in a nonprofit’s hands within three days to pay salary and operating expenses. Not every charitable organization qualifies for the EIDL program, but it’s a valid option for many. The CARES Act set aside $10 billion total for the coronavirus disaster EIDL.
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