First and foremost, we hope you and your family are well and staying safe.
On Friday afternoon (3/27/2020), legislation titled the CARES Act was signed into action in an effort to respond to individuals, families, and businesses affected by COVID-19. As a result, the Small Business Administration will provide fully federally backed loans to eligible small businesses. Eligible businesses generally include those with no more than 500 employees. These loans are accessed directly through lenders and will not require SBA pre-approval. The goal appears to be to get loans funded as quickly as possible and it is encouraged that you take steps to apply immediately if your business qualifies.
The bill has significant relief for small businesses, including $349 billion in SBA loan guaranties. Most notably included is the expansion of SBA’s loan program to provide new “Paycheck Protection Program” loans. Allowable uses of the funds include payroll support, employee salaries, mortgage payments, rent payments, utility payments, insurance premiums, and other debt obligations.
We are ALL in this together: ABCO as a small business, your own business and/or employer, and the government as disaster relief. We believe this moment has created both a burden, and a great opportunity to strengthen long-term partnerships with our community. We want to speak to you directly to understand how you are being impacted. Please reply directly to the email to schedule time to speak by phone or video chat.
We are prepared to provide direct guidance to our tenants to help navigate the CARES Act and SBA application, and would like to be a resource to help get business back up and running. Below is a great checklist prepared by the U.S. Chamber of Commerce to review, and determine eligibility to participate in the CARES Act.