Like most business owners, you’re probably wondering if one of the COVID-19 loan relief programs is right for you. Here is a high-level overview of the different types of loans to help you decide.
Like most business owners, you’re probably wondering if one of the COVID-19 loan relief programs is right for you. Below is a high-level overview of the different types of loans to help you decide.
Important Note: With new guidance issued almost daily, we encourage you to work with your Cerity Partners advisor to help ensure you have the most current information available to make a sound decision.
Paycheck Protection Program (PPP)(Created Under Cares Act) | Economic Injury Disaster Loans(Offered by Small Business Administration (SBA)) | |
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| Purpose |
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| Availability |
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| Eligibility |
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| Loan Amount |
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| Loan Terms |
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| Approval Process |
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| Loan Deferral |
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| Loan Forgiveness |
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| Getting Started |
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What about businesses with more than 500 employees? The Secretary of Treasury has some discretion to determine eligible businesses that may qualify for federal assistance. The terms and rates have not been defined as of April 6, 2020.
We recognize that these programs are a lot to absorb, especially considering everything else that is going on. We’re here to help you put the proper plan in place for your goals and circumstances. We’re also closely monitoring for any additional guidance and will keep you apprised of any developments. As we stated earlier, please don’t hesitate to contact Cerity Partners if you have any questions or concerns.
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