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SBA Paycheck Protection Program

The Small Business & Entrepreneurship Council has created a Q&A page with links to the SBA & US Treasury about the Paycheck Protection Program. This is a great resource for borrowers and includes an FAQ, sample application form, guidance, and warnings about scams. Click here to access it.

 

Attached are NFIB summaries of the CARES Act (legislation referred to as “COVID-III”) sections prepared by the NFIB Research Center and Federal Government Relations team with information on the Paycheck Protection Program and Tax Implication information and Small Business Loans Side by Side Comparison.

 

Assistance for Small Businesses

The Paycheck Protection Program is providing small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead.

 

Program Overview

 

For Borrowers

Main Street Lending Program

 

The Federal Reserve announced it is expanding the scope and eligibility of the Main Street Lending Program.

Changes to the program include:

  • Creating a third loan option, with increased risk sharing by lenders for borrowers with greater leverage;
  • Lowering the minimum loan size for certain loans to $500,000; and
  • Expanding the pool of businesses eligible to borrow, to include companies with up to 15,000 employees and $5 billion in revenues.

Additional information is available in the Fed's press release and updated FAQ.

 

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