We know everyone is anxiously awaiting guidance on the recently passed CARE Act and the funding for small business included within the legislation. We will be passing along more detailed guidance from the SBA, HUD, and the EDA on accessing this funding as it becomes available.
In response to the overwhelming volume at the SBA disaster loan application portal, the SBA has just updated the portal and streamlined the application process.
Of note, the SBA has now included a $10,000 advance request as part of the application process.
The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.