Even tho' the bill is still pending final House approval, my understanding of provisions for small businesses include (sorry, I've been accruing notes over the past few days but did not keep links to sources 🙁 ):
Senate Bill 3548
The maximum loan size is based on 4 times the average annual payroll, mortgage, rent, and debt payments up to $10 million.
-SBA is directed to waive or reduce fees for these loans as much as possible and will guarantee the lenders at 100% of the loan value
--there will be a forgiveness period for maintaining payroll from March 1st to June 30th 2020.
--payments will be deferred at least until Jan 2021
To apply for assistance:
-Setup an account at:
https://disasterloan.sba.gov/ (this website has been buggy and down much of this morning, after updates and maintenance last night).
-Contact your bank to establish credit line (unclear on this).
-I have also heard conflicting information on what to apply for at the SBA website.
--I have heard to NOT apply for the sba 7(a) program as if you have one of these you will not qualify for new program and
--also heard that current relief will be adminstered under 7(a).
Be careful here and don't do anything until more info is available.
If anyone has more/better/newer info, please post.
Sorry HTML formatting was screwy--fixed for plain text