Navigating SBA Lending Programs in Response to the CARES Act & COVID-19 Pandemic
Many cash-strapped small businesses may find a lifeline in the Coronavirus Aid, Relief and Economic Security Act (CARES Act), the $2.2 trillion economic stimulus act signed by President Trump, through existing U.S. Small Business Administration (SBA) programs.
The CARES Act, in conjunction with the Coronavirus Economic Stabilization Act (CESA), creates new loan programs and loosens some SBA loan program requirements, with the goal of giving small and mid-sized businesses quick access to funds and enabling companies to retain employees and maintain operations during the crisis. In addition to these programs, the CARES ACT and CESA contain provisions that are important to credit unions and their members such as relief for TDR and credit reporting, temporary relief from CECL compliance and other provisions that will aid your credit union and its members in navigating the economic impact of the COVID-19 Pandemic.
This webinar will detail the differences between the Economic Injury Disaster Loan Program and the 7(a) Paycheck Protection Program, explaining which option may best fit a company’s needs and strategic objectives, as well as discuss the requirements for the new loans for companies with more than 500 employees.