CARES Act Update
Paul Zajicek of the National Aquaculture Association shares the following: The Small Business Administration (SBA) programs keep evolving and it appears they are hearing that no one wants to assume debt with such an uncertain future.
The CARES Act 7(a) lending program will go through qualified lenders and should help farmers in getting faster responses when they reach out locally, and it clearly says “these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.” I thought the US Chamber of Commerce publication that Matt Parker shared was particularly clear and straightforward. We are featuring it in a NAA Update later today.
The following has been copied/pasted from the SBA COVID-19 webpage:
“Economic Injury Disaster Advance Loan
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.