As a valued LAILTA member, we wanted to pass on this important information to you.
The events surrounding the COVID-19 virus has created unprecedented economic impact to our businesses. If the US House passes the 2T stimulus tomorrow then small businesses can apply to their local lender (not directly through SBA) as long as they are approved by the government under The Small Business 7(a) Loan Guarantee program.
This would be a forgivable loan of 250% of one months payroll averaged over the last year, as long as you keep your employees employed from February 15-June 30, 2020. The loan would allow small businesses to pay for wages and salaries, paid sick, medical or family leave, group health, mortgage payments, rent and any other debt obligations. This provision applies to small companies with 500 employees or less, sole proprietors, and independent contractors.
Please click here for a resource with more in-depth information about economic relief.