Sections of the stimulus bill that are relevant to small business lending

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 Economic Development):

• $350 billion in loan forgiveness grants through community banks to small businesses and non-profits to maintain existing workforce and help pay for other expenses like rent, mortgage, and utilities. The loans would be available during an emergency period ending June 30, and would be forgiven if the employer continued to pay workers for the duration of the crisis.
• $10 billion for SBA emergency grants of up to $10,000 to provide immediate relief for small business operating costs.
• $17 billion for SBA to cover 6 months of payments for small businesses with existing SBA loans.

To read more from the Lee County Economic Development office on the CARES Act click here.