Information important for Small Business Owners: Small Business Interruption Loans through SBA
As a result of President Trump signing into law, the CARES Act S3548, many business will benefit. Under Division A -- Small Business Interruption Loans – business can apply for SBA loans based upon salaries, rent, utilities and debt payments. This loan is 4 times the amount of qualified expenses. If used for 3 months as provided ( payment of salary, rehiring of employees laid off etc ) then the loan is Forgiven and is Non taxable.
Business Owners we encourage you to stay up to date regarding:
Small Business Interruption Loan through the SBA part of S3548 CARES Act. This goes through your Banker, SBA loan officer. I personally have requested an appointment with my banker. He emailed me late last night saying they were expecting guidance regarding the loan from SBA later this week. Reasons this loan is attractive:
- Provides loan based upon Salary, Rent, Utilities
- After 3 months, if you have used according to guidelines, then the loan is FORGIVEN and NON-TAXABLE.
Talk to your banker, this may be very beneficial to you. There is only 350 Billion available but if all business under 500 employees apply, the money will go quickly. We will continue to monitor and share information.
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