Covid-19 Financial Assistance

The CARES ACT (Coronavirus Aid, Relief and Economic Security Act) was signed into law on Friday, March 27, 2020. To read a summary from the U.S. Chamber of Commerce on the CARES Act click here. Below are the sections of the stimulus bill that are relevant to small business lending (information provided by Lee County…

Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin today announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.  The…

The Treasury Department just released initial guidance for the SBA’s Paycheck Protection Program. Eligible small businesses can begin applying for these loans beginning April 3, 2020. The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible…