On March 27th President Trump signed in to law the CARES Act also known as the Paycheck Protection Program. This bill includes $367B that will be added to the SBA lending authority in the wake of the COVID-19 pandemic to support small businesses who have been affected by the virus. Web Finance Direct is processing the SBA 7(a) relief loans now.
Who Is Eligible and Amount Available
- Small businesses, 501(c)(3) nonprofit, a 501(c)(19) veteran’s organization, or Tribal business concern described in section 31(b)(2)(C) of the Small Business Act with not more than 500 employees, or the applicable size standard for the industry as provided by SBA, if higher.
- Sole-proprietors, independent contractors, and other self-employed individuals as eligible for loans.
- Businesses with more than one physical location qualify so long as total combined employees are below 500 employees (unless the businesses operated under NAICS code beginning