Notice: The Coronavirus Aid, Relief, and Economic Security Act in the Senate (the “CARES Act”), should it become law, would increase the maximum SBA’s 7(a) loan amount to $10 million and expand allowable uses of 7(a) loans to include payroll support (including paid sick or medical leave), employee salaries, mortgage payments, insurance premiums and any other debt obligations.
Please note that the CARES Act is not the same as the SBA economic injury disaster loan (EIDL) program that is already available on the SBA website (the SBA provides EIDL, not us), nor may it be used for the same purpose. Borrowers should evaluate both programs and choose accordingly.
Loans available up to $10 Million, $349 Billion Available, for companies of >= 500 Employees. No Collateral Required, No Personal Guarantee, 100% SBA Guarantee, Most Businesses Eligible, Loan Forgiveness Possible, Nationwide Program, For-Profits & Non-Profits, Guarantee Fees Waived, available until 12/31/20 Business must be open as of 2/15/2020
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