Owners were supposed to be able to get up to $2 million. Now they’re being told the cap is $15,000 — if they can get any answers at all.
SmallBall.Biz
The government wants to get loans to small businesses fast. But the lenders with the most experience with this have been unable to take part.
The $349 billion Paycheck Protection Program is intended to help small employers weather the pandemic. But whether it does isn’t clear.
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…
So far, Congress has passed two bills related to COVID-19 which have provisions specifically aimed at small businesses. They are: The Families First Coronavirus Response…
This portion of the Families First Coronavirus Response Act (FFCRA) creates a paid leave program for employees where the cost of salaries and benefits is…
This portion of the CARES Act gives businesses a tax credit worth 50% of employee wages (up to $10k per employee) for wages paid between Mar 12, 2020 and the end of the year. Note that you can't do a PPP loan and also take this credit - you must choose between the two.
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.