With great challenges come great opportunities.
There is an abundance of information out there regarding programs for businesses. To all my clients, from the restaurant owners to the family-owned appliance stores, the education companies to the real estate developers, here are some highlights on the Paycheck Protection Program which provides 100% federally guaranteed loans to small businesses.
- For businesses with less than 500 employees
- Loan amount: up to 2.5 average monthly payroll up to $10M
- Loan must be used to retain workers or make lease/utility payments
- Loan may be forgiven if borrowers maintain their payrolls during crisis or restore after
- Can’t have a loan application already pending
- A personal guarantee is not required for the loan – or collateral.
I’m attaching the U.S. Chamber of Commerce infographic for further information.
Be well.
Isabel