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Update on SBA Loan Program in COVID-19 Stimulus Package

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Posted: March 27, 2020 by Staff Writer

The U.S. Congress has passed and President Trump has signed the $2 trillion Coronavirus stimulus bill that we wrote to you about on Thursday.

Your small business clients that qualify can now apply for a Small Business Administration (SBA) loan to cover salary, wages, and benefits worth 250% of the employer’s monthly payroll, with a maximum loan of $10 million.

Loans will be forgiven for qualifying employers using the funds to keep employees on payroll and pay rent and insurance premiums, while also adhering to other guidelines in the legislation. Details are available here.

We will continue to provide updates on COVID-19 to you through emails and our new COVID-19 microsite.

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