03/27/2020
UPDATE:The House of Representatives PASSED the "Coronavirus Aid, Relief, and Economic Security Act" ("CARES Act") πβ€οΈπΊπΈ
We will be going LIVE on Facebook later day to discuss the the much anticipated SBA BUSINESS RETENTION LOANS included in the Act. The loans are part of the "Paycheck Protection Program," created by the Act.
This is the portion of the act that has the potential to benefit Small Business Owners the most. Key Provision Include:
-8 Weeks of Payroll, calculated at 2.5X the most recent 12 month average
-The loan can be used for items such as payroll, interest on mortgages, rent, and utilities
-The first 6 months of the loan will be paid for by the SBA
-Amounts of the loan will be forgiven if used for payroll, interest on mortgage obligations, covered rent, and utility payments
NOTE: The amount of loan forgiveness is partially dependent on how well the Small Business Owner retain employees.
π₯We will discuss the Act later today. Be sure to join usπ₯
Hina Kalam
PA Consulting and Financial Services
If you are interested in working with us to secure business financing or to learn more about SBA Loans, connect with us, by clicking the link below π
Contact us today for an immediate consultation to learn discuss financing options and SBA Loan Programs