Paycheck Protection Program – What is included in “Average Monthly Payroll” & What can I use the money for?

Paycheck Protection Program

This article is an extracted from and article by Fenwick & West LLP. & Treasury Department website. Maximum Amount — The sum of (i) borrower’s average total monthly “payroll costs” during the one-year period leading up to loan origination multiplied by 2.5 (i.e., 2.5 times average monthly payroll costs) plus (ii) […]

The Small Business Owner’s Guide to the CARES Act

Q&A

This is based on a guide sent out from Senator Ben Cardin, Ranking Member – U.S. Senate Committee on Small Business & Entrepreneurship. Other than the SBA COVID-19 ECONOMIC INJURY DISASTER LOAN the CARES act provides for the following funding/loan programs: Capital to cover the cost of retaining employees. Then the […]

SBA Economic Injury Disaster Loans

Coronavirus

This article is very very closely follows an article I received from MBFA. It should be noted that this does not cover what the current Bill in Congress (as of 1:30 PM Eastern Time). Pursuant to the latest guidance from the SBA, small businesses that meet the SBA’s revenue OR the […]

The How to of Disaster Relief

Anchor Business Brokers & Advisors

SBA Disaster Relief This site allows the public to see what relief is available by state and county. https://disasterloan.sba.gov/ela/Declarations/Index/?utm_source=pardot&utm_medium=image&utm_campaign=MC_Partners_SBA_Relief_Assistance_03_17_2020 Apply for a Disaster Relief Loan This file walks you through the steps to apply for a loan, and the documentation that is needed to complete the request. https://disasterloan.sba.gov/ela/Documents/Three_Step_Process_SBA_Disaster_Loans.pdf   SBA Disaster […]

The Corona Virus is taking its toll – SBA Providing Disaster Loan Assistance in Many States Affected

Corona Virus

The U.S. Small Business Administration thru its disaster relief program is offering low-interest coronavirus disaster relief loans for working capital to California, New York, Washington, and dozens of other state’s small businesses that are suffering substantial economic damage as a result of the COVID-19. Not all states have applied for this […]

Successfully Navigating the SBA Lending Process

Signing on the Dotted Line

For buyers seeking acquisition financing, an SBA 7(a) loan can be a fantastic tool.  Relative to conventional loans that typically require down payments of 30% or more, buyers utilizing SBA loans can make a down payment of 10-25% (more on this later), and obtain a low fixed rate (a small amount […]