Demand for the loans appears to be so high that it has overwhelmed the Small Business Administration, even though Congress set aside billions of dollars to help the program make loans and grants.
Posts published in “Federal Loans & Grants”
There have been extensive updates to the SBA Disaster Loan program in both the FFCRA and the CARES Act. Because of COVID-19, essentially all small…
Summary of the Main Street Lending Facility the Federal Reserve is creating to encourage bank lending to medium-sized businesses.
This part of the CARES Act allows small businesses to borrow 2.5 months of payroll expenses (up to $10 mil) and not have to pay those loans back as long as they are spent on payroll and overhead per the rules the government lays out.