Coronavirus Aid, Relief and Economic Security (CARES) Act
Congress Approves Economic Relief Plan for Individuals and Businesses
Many of our businesses are trying to understand the differences between the available loan programs from the CARES Act. For this reason, CDF has worked with our lending institutions and accounting firms to provide this general breakdown between the loan programs. Your business accountant and bankers should be used to determine which loan is best for your business.
SBA PPP Loan Forgiveness Planning Calculator/Application (EDITED 5.22.2020)
The SBA PPP Loan forgiveness calculator is no longer availabe. The SBA has finally released the PPP Loan Forgivness Application, so you can download the application here: https://cdf.ms/forgive
ANOTHER $250 BILLION AVAILABLE FOR SMALL BUSINESSES (POSTED 4.26.2020)
FROM DJOURNAL.COM - Dennis Seid / "The latest bill provides $250 billion to replenish the Paycheck Protection Program, a fund to help small and medium-size businesses with payroll, rent and other expenses. Initially funded with $349 billion, money ran out within a week of its launch earlier this month. Experts expect this latest cash infusion to disappear quickly as well." READ MORE
The Paycheck Protection Program (PPP) allows small businesses to borrow 2.5 times the average monthly payroll through local banks for the purpose of providing financial assistance for payroll, rent and/or mortgage payments, and utilities. All or a large portion of this loan can be forgiven.
VIEW PDF: cdf.ms/cares
The Economic Injury Disaster Loan Program (EIDL) can provide up to $2 million of financial assistance to small businesses and non-profits for working capital to cover financial obligations that can be met due to the COVID-19. EIDLs do not replace lost sales or revenue.
VIEW PDF: cdf.ms/cares
Below is access to the U.S. Small Business Administration Economic Injury Loan Application Process. You can download all of the forms here as one ZIP file, or each one individually below.
Watch the Facebook LIVE discussion that was had on 3/24/2020 with Shane Homan, Senior Vice President Economic Development, and Matt McCarty, CFO, of the Community Development Foundation as they walk you through filling out the SBA application. If you still have questions, please contact your CPA (Certified Public Accountant) or you may email Shane and Matt at firstname.lastname@example.org and email@example.com.