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
Dial +1 (213) 929-4212
Access Code: 779-804-802
Webinar ID: 598-097-187