Sba Stimulus Grants Requirements

The small business administration under the stimulus package will oversee the paycheck protection program which will distribute 350 billion to small businesses that can be partially forgiven.

Sba stimulus grants requirements. Small business owners across the country contacted their banks on friday to apply for a loan via the federally implemented paycheck protection program only to face additional bank specific restrictions. The grants have to be used for specified expenses such as payroll costs rent utilities and personal protective equipment. This lending program allows businesses to borrow money to cover monthly payroll costs for businesses for up to 2 5 months.

There are specific requirements for recipients of an sba grant. Key components of the cares act include a loan program from the sba changes to unemployment benefits and changes to business tax filing requirements. We offer multiple funding options for those seeking relief.

Qualifying businesses may be awarded up to 10 million initially with a supplemental grant equal to 50 of the initial grant. The full terms and conditions for sba grant programs is available on sba gov. In the first 14 days of the program s implementation grants will be awarded only to businesses that have suffered a 90 or greater loss of revenue.

We re here to help you overcome the challenges created by this health crisis. What does it mean for small businesses. The program a 349 billion fund backed by the small business administration was created as part of the multi trillion dollar cares act stimulus package and designed specifically to.

The stimulus package is finally here with just days left in 2020. Make sure you can meet the legal and administrative prerequisites before you apply.