SBA Loans After the CARES Act

The COVID-19 pandemic has caused unprecedented hardships on small businesses, nonprofits, and other entities. They are experiencing unexpected decreases in cash flow due to the “shelter-in-place” orders enacted by many municipalities. The U.S. Small Business Administration (SBA) has worked to provide Economic Injury Disaster Loan assistance to eligible organizations to help ease the effects through fhe Coronavirus Aid, Relief, and Economic Security Act (CARES Act). In this third episode of a three-part series focused on helping you respond responsibly to COVID-19, host Damien Martin talks with guests Jim Ashley, Corey Stone, and Greg Knight to review these complicated but crucial changes under the CARES Act.
 

• The SBA Economic Injury Disaster Loan (EIDL) before CARES @ 1:45
• Get some trusted education on the programs @ 8:59
• Paycheck Protection Program (PPP) under the CARES Act @ 11:42
• Common questions on the PPP loan program @ 17:10
• The analysis to be done here @23.26
• Business responses to the SBA loan programs so far @28:19
• The need for real-time decisions @ 32:46
• The specifics of the PPP loan forgiveness @ 34:05
• Get ready and prepare for the next eight weeks @ 36:55
• Making cuts and difficult decisions @ 38:58
• How your data can help right now @ 41:24
• Practical considerations for making the most informed decisions @ 43:58
• A lot of times the data is already there @ 47:42
• Closing thoughts: Greg Knight @ 50:37; Corey Stone @ 53:18; Jim Ashley @ 54:48

For episode one in this three-part, COVID-19 Series, see Responding to the Unexpected.

For episode two in this three-part, COVID-19 Series, see Payroll-Related Relief.