Webinar Recap: Financing Options During COVID-19 Crisis - SBA program expansion
FRIDAY, APR. 3, 2020 I 1:00 p.m. ET
Materials
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Financing Options During COVID-19 Crisis
SBA program expansion creates significant funding opportunity for small businesses and nonprofits.
Members of the Herbein + Company, Inc. COVID-19 Team and Customers Bank SBA CARES Team are working together to provide an overview of the small business components of the Coronavirus Aid, Relief & Economic Security (CARES) Act adopted by Congress and signed by President Trump on Friday, Mar. 27.
The CARES Act provides loan relief for current SBA borrowers, but more importantly opens up a significant funding opportunity for all small businesses and small nonprofits regardless of whether they qualify for conventional financing. The SBA programs are very fluid, and our teams will share the most current information available to help you navigate your business through this crisis.
Business owners and financial managers will learn the following:
- How to access up to $10 million in funding from the new Paycheck Protection Program.
- What if you already have an SBA loan? (Hint… SBA may be covering your interest and principal payments for next six months!)
- Who is eligible for six months of government payment of their existing SBA Loan principal & interest?
- What the advantages are of the expanded SBA Express Loan program?
- What is the process for applying for an SBA loan?
- What are the financial issues and implications of an SBA loan?
- What are the tax aspects of SBA loan scenarios?
KEY TAKEAWAYS
Customers Bank has prepared an Overview of the SBA EIDL Disaster Loan Program and a PPP Fact Sheet which will be provided to all webinar attendees as well as be available on their website: https://www.customersbank.com/business-banking/sba-guaranteed-lending/disaster-relief/
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Coronavirus Resource Center: Have more questions about the impact of COVID-19 on your business? Visit Herbein's Resource Center for up-to-date information.
