Apply for Relief Funding Under the New U.S. CARES Act
Small businesses in the United States are facing an unprecedented economic disruption due to the outbreak of coronavirus (COVID-19). On March 27, the federal government signed into law the U.S. CARES Act, which contains $376 billion in relief funding for American workers and small businesses.
The team at Universal Finance Corp. is pleased to inform our valued clients that we are available to provide guidance to small business owners who are planning to apply for relief funding through the U.S. CARES Act in the days and weeks ahead. The provisions of the federal government relief program, which will be managed by the U.S. Small Business Administration (SBA), entail several categories of funding that include the following:
- Paycheck Protection Program – This program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
- EIDL Loan Advance – This loan advance, the Economic Injury Disaster Loan Program (EIDL), will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
- SBA Express Bridge Loans – This plan enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
- SBA Debt Relief – Under this provision, the SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
“All of us at Universal Finance are proud to continue to make our loan services available to our current as well as new customers during the very challenging time that businesses are currently facing throughout the country,” said Dan Robinson, Owner. “We also look forward to helping our customers and partners navigate the terms of the U.S. CARES Act by providing them with our guidance about the SBA loan application process, and – when an SBA loan is secured – to offer advice to business owners about how they can best allocate the funds they receive.”
Representatives from Universal Finance – which provides capital investment loans to businesses in a wide range of industries including construction, transportation, and medical equipment suppliers – are currently available to work with small business owners who wish to apply for a loan from Universal Finance or who are seeking consultation regarding the U.S. CARES Act.