A brief overview of the present and future laws that impact the Small Business Community.
Potential changes to the new law since this video was published are summarized here:
- Loan Forgiveness: Starting with the April 2020 payments, the SBA would pay 6 months of principal and interest on all existing SBA Loans under the 7A and 504 Loan Programs
- Speed of Payments: The Paycheck Protection Program (PPP), a new program designed to rapidly get capital into the hands of small businesses to cover 2.5 months of payroll, healthcare and related expenses to a maximum of $10 million. Under the bill’s current form, the borrower would not be required to repay the portion of this loan used in accordance with the plan.
- SBA Express Loan Changes: Size limitations on the popular SBA Express loan program would be increased from $350,000 to $1 million for the balance of 2020.
These programs, if enacted, will be of special interest to applicants from the hard-hit hospitality industry and restaurant industries.
Best Regards,
Eric J. Gall
239-738-6227
