combsandco


Federal Loan Forgiveness CARES Act

Curious how the forgivable loans work under the CARES Act?  Check out this great video from colleague, Chelsea Whalley of J Donovan Financial.

Coronavirus Aid and Relief Economic Security Act
Emergency grants: The bill provides $10 billion for grants of up to $10,000 to provide emergency funds for small businesses to cover immediate operating costs.
The application process ends on June 30th (“The Covered Period”)
Forgivable loans: There is $350 billion allocated for the Small Business Administration to provide loans of up to $10 million per business. Any portion of that loan used to maintain payroll, keep workers on the books or pay for rent, mortgage and existing debt could be forgiven, provided workers stay employed through the end of June.
Relief for existing loans: There is $17 billion to cover six months of payments for small businesses already using SBA loans.

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