stickyimage

BREAKING NEWS: Senate Proposes Keeping Workers Paid and Employed Act – $300 Billion in 7(a) Loans, Increases 7(a) Limits to $10 Million, $1 Million Express

March 19, 2020

By: Caity Witucki
Contributing Editor

BREAKING NEWS: Senate Proposes Keeping Workers Paid and Employed Act — $300 Billion in 7(a) Loans, Increases 7(a) Limits to $10 Million, $1 Million Express

Thursday afternoon, the Senate introduced another emergency stimulus package to aid small businesses impacted by the ongoing coronavirus outbreak.

The proposed stimulus package, includes:

  • $300 billion in SBA 7(a) loans
  • 100% government-guarantees through 12/31/20, then reverts
  • Up to $10MM in loan size
  • Up to $1MM in Express loan size
  • Currently eligible SBA borrowers AND not-for-profits
  • Delegated (underwriting) authority — means expedited processing
  • Borrowers can get this loan OR an EIDL (disaster) loan, not both
    Waives borrower and lender guarantee fees
  • Provides a “process” by which borrowers will be eligible for loan forgiveness in an amount equal to their payroll cost and costs related to debt obligations for the period between 3/1/20 and 6/30/20 – amount of forgiveness will be reduced proportionally by the number of employees laid off during this time, excluding employees making in excess of $100k in this calculation
  • Lenders must verify payroll costs

Join Coleman Report Live! Daily @ 1:00PM ET – 1:30PM ET

https://global.gotowebinar.com/register/598097187
Dial +1 (213) 929-4212
Access Code: 779-804-802
Webinar ID: 598-097-187

Sources:
The Keeping Workers Paid and Employed Act

4 months ago by in . You can follow any responses to this entry through the | RSS feed. You can leave a response, or trackback from your own site.