{"id":834,"date":"2020-03-28T00:00:00","date_gmt":"2020-03-28T00:00:00","guid":{"rendered":"https:\/\/norrismclaughlin.com\/blb\/2020\/03\/28\/inside-the-cares-act-emergency-eidl-grants-as-part-of-the-coronavirus-covid-19-cares-act-of-2020\/"},"modified":"2020-03-28T00:00:00","modified_gmt":"2020-03-28T00:00:00","slug":"inside-the-cares-act-emergency-eidl-grants-as-part-of-the-coronavirus-covid-19-cares-act-of-2020","status":"publish","type":"post","link":"https:\/\/norrismclaughlin.com\/blb\/banking-financial-services\/inside-the-cares-act-emergency-eidl-grants-as-part-of-the-coronavirus-covid-19-cares-act-of-2020\/","title":{"rendered":"Inside the CARES Act: Emergency EIDL Grants as Part of the CARES Act of 2020"},"content":{"rendered":"

Emergency grants from the Small Business Administration (SBA) <\/a>included as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act<\/a> of 2020 provide for immediate grants within three days of submitting the application of up to $10,000 for eligible entities. Those entities include small businesses, sole proprietors, private non-profits, independent contractors, cooperatives, ESOPs, and tribal units, all with under 500 employees that apply for loans in response to the COVID-19. Upon verification, the government, through lending institutions that work with the SBA, will provide grants up to $10,000. The applying entity had to have been in business for at least a year, which may be waived, but certainly before January 31, 2020.<\/p>\n

CARES Act Emergency Grants<\/strong><\/h2>\n

The entity applies for a small business loan through a lending institution who is authorized to make loans under the SBA\u2019s current Business Loan Program and, as part of that process, can immediately request funds with only a tax return and\/or credit score as determined by the lending institution\/SBA loan process. No collateral or personal guarantees are required. The funds may be used for providing paid sick leave for employees unable to work due to the direct effect of COVID-19, maintaining payroll to retain employees during the disruption, meeting increased costs to obtain materials not available from the original source due to interrupted supply chain, making rent or mortgage payments, and repaying obligations that cannot be met due to revenue losses.<\/p>\n

SBA Loan Process<\/strong><\/h2>\n

The applicant shall not be required to repay any of the amounts advanced even if subsequently denied a loan under the Small Business Loan Program. If an applicant received an advance as part of the loan process and ultimately is approved for a loan under the Disaster Loan Program, the advanced amount shall be reduced from any other loan forgiveness amount for payroll costs. These grants are available until December 31, 2020.<\/p>\n

If you have any questions about this post or any other related matters, please feel free to email me at dlaputka@norris-law.com<\/a>.<\/p>\n

We will be keeping you informed about the CARES Act of 2020 through this \u201cInside the CARES Act\u201d series on our Biz Law Blog<\/a><\/em>. For other topics related to COVID-19, visit our\u00a0Coronavirus Thought Leadership Connection<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Emergency grants from the Small Business Administration (SBA) included as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 provide for immediate grants within three days of submitting the application of up to $10,000 for eligible entities. Those entities include small businesses, sole proprietors, private non-profits, independent contractors, cooperatives, ESOPs, and […]<\/p>\n","protected":false},"author":46,"featured_media":835,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[31,32,33],"tags":[164,183,175,182,177],"coauthors":[],"acf":[],"yoast_head":"\nInside the CARES Act: Emergency EIDL Grants as Part of the CARES Act of 2020 - Biz Law Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/norrismclaughlin.com\/blb\/banking-financial-services\/inside-the-cares-act-emergency-eidl-grants-as-part-of-the-coronavirus-covid-19-cares-act-of-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inside the CARES Act: Emergency EIDL Grants as Part of the CARES Act of 2020\" \/>\n<meta property=\"og:description\" content=\"Emergency grants from the Small Business Administration (SBA) included as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 provide for immediate grants within three days of submitting the application of up to $10,000 for eligible entities. 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