Small businesses are affected by the coronavirus situation. If you are a small business, there are programs that can help you during these moments. The Federal SBA Agency is providing Emergency Loans. The Coronavirus Aid, Relief and Economic Security Act (CARES), released on March 27, 2020, allocates $349 billion to help small businesses keep their employees in the current circumstances we face.
The CARES Act provides funds for the Employment Protection Program, better known as the PayCheck Protection Program (PPP). It also modifies the existing SBA Economic Damage Disaster Loan (EIDL) program, finally, providing immediate loan repayment relief for business owners who currently have an SBA loan under Program 7(a).
There is also the Employment Protection Program, better known as the PayCheck Protection Program (PPP). Payments on PPP loans will be deferred for a minimum of six and up to 12 months. Loans will be managed through local and regional banks; any federally regulated bank can become an SBA lender for this purpose.
This information was provided by The Small Business Development Center (SBDC) at Kutztown University. SBDC consultants are willing to help you navigate any questions you have with emergency loans.
By Josephina Encarnacion