{"id":842,"date":"2020-03-31T00:00:00","date_gmt":"2020-03-31T00:00:00","guid":{"rendered":"https:\/\/norrismclaughlin.com\/blb\/2020\/03\/31\/inside-the-cares-act-update-applying-for-a-coronavirus-covid-19-related-sba-loan\/"},"modified":"2020-03-31T00:00:00","modified_gmt":"2020-03-31T00:00:00","slug":"inside-the-cares-act-update-applying-for-a-coronavirus-covid-19-related-sba-loan","status":"publish","type":"post","link":"https:\/\/norrismclaughlin.com\/blb\/banking-financial-services\/inside-the-cares-act-update-applying-for-a-coronavirus-covid-19-related-sba-loan\/","title":{"rendered":"Inside the CARES Act: Update\u2014Applying for a COVID-19-Related SBA Loan?"},"content":{"rendered":"

As a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act<\/a>, the Small Business Administration (SBA) loan program has been expanded for qualifying businesses and qualifying self-employed individuals. The CARES Act\u2019s \u201cPaycheck Protection Program\u201d provides 100% federally backed SBA loans to cover operational costs like rent, payroll, employee health benefits, interest on other debt obligations, insurance, and utilities, among others.<\/p>\n

CARES Act Paycheck Protection Program SBA Loan<\/strong><\/h2>\n

Portions of these loans may be forgivable<\/a>. These loans may be made directly by the SBA Administrator or through a bank which has been previously approved as an SBA loan lender. The SBA website<\/a> is currently overwhelmed with loan applications. If you have an existing SBA loan or a relationship with a bank that is authorized to administer SBA loans, contact that lender for assistance. Otherwise, the SBA is recommending applying online during non-peak hours. The SBA Administrator is expected to issue additional guidance this week to help with the process.<\/p>\n

Small Business Concerns Lending Regulations<\/strong><\/h2>\n

In addition to traditional SBA lending regulations for \u201csmall business concerns,\u201d the CARES Act will provide these loans for a broader set of criteria, including any business concern, and nonprofit, veterans, and Tribal business concerns. The maximum CARES Act loan amount is $10 million dollars, with specific criteria for determining eligibility and the amount of the loan, such as the number of employees. Certain industries, such as the hospitality sector, have separate eligibility requirements. Interest rates on the loans will not exceed 4% and a personal guarantee is not required. As with other provisions of the CARES Act, the loans apply for the \u201ccovered period,\u201d which is February 15, 2020, through June 30, 2020.<\/p>\n

If you have any questions about this post or any other related matters, please email the\u00a0Business Law Practice Group<\/a> Co-Chairs, David Blatteis<\/a> at dsblatteis@norris-law.com<\/a>, Dolores Laputka<\/a> at dlaputka@norris-law.com<\/a>, or Graham Simmons<\/a>\u00a0at\u00a0gsimmons@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":"

As a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Small Business Administration (SBA) loan program has been expanded for qualifying businesses and qualifying self-employed individuals. The CARES Act\u2019s \u201cPaycheck Protection Program\u201d provides 100% federally backed SBA loans to cover operational costs like rent, payroll, employee health benefits, interest on other […]<\/p>\n","protected":false},"author":2,"featured_media":843,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[31,32,33],"tags":[164,175,182,177],"coauthors":[],"acf":[],"yoast_head":"\nInside the CARES Act: Update\u2014Applying for a COVID-19-Related SBA Loan? - 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-update-applying-for-a-coronavirus-covid-19-related-sba-loan\/\" \/>\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: Update\u2014Applying for a COVID-19-Related SBA Loan?\" \/>\n<meta property=\"og:description\" content=\"As a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Small Business Administration (SBA) loan program has been expanded for qualifying businesses and qualifying self-employed individuals. 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