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Updates on Loan Programs

3.28.2020

A couple of brief updates on these loan programs
 
1. DECD loan program: The original set aside funding was supposed to assist several hundred businesses with emergency loans that were just to get them through the next several months. They received over 5,000 applications and are considering cutting off applications already. I think they will increase the pot somewhat so it may still be worth trying to see if it is worth it to apply, remember these are short term working capital loans.
 
1. SBA Loans: I have written in broad strokes about what these loans were about. I've been asked to wait untill sometime this week, to get more into details about it as the house just passed what the senate had already approved. It is important to note that banks will be offering and approving these loans ultimately. The SBA provides the funds and guarantees the loans but businesses will have to apply through SBA approved Banks. It is the criteria that we are waiting to hear about. Anything you may do now will be passed onto a bank for review. Banks are gearing up for this.
 
Dale Kroop
 


3/27/2020
Updates on Unemployment Benefits in the Federal Stimulus Package
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