SEMA eNews Vol. 23, No. 14, April 2, 2020

Webinar: Understanding How to Apply for Small Business Administration Loans

By SEMA Washington, D.C., Staff

Join SEMA for a webinar, Thursday, April 9, at 1:00 p.m. (EDT), to review financial assistance programs available through the U.S. Small Business Administration (SBA). The panel will include Daniel Ingber, SEMA’s Vice President of Government & Legal Affairs, and C.E. “Tee” Rowe, President and CEO of America’s Small Business Development Centers.

Register now!

The webinar is open to all SEMA members, free of charge. After registering, you will receive a confirmation e-mail with instructions for joining.

Background: The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes a $2.2 trillion financial relief package for individuals, companies, and distressed industries. The new law (enacted on March 27, 2020) expands small business loan programs including a new Paycheck Protection Program (PPP) to provide low-interest loans that can be used to cover payroll, mortgages, rent and other specified expenses. The PPP waives collateral and personal guarantee requirements in addition to borrower and lender fees, defers payments for six months, and caps the interest rate at 1.0% on the two-year loan.  The SBA will forgive the portion of the loans used to cover payroll, mortgage interest, rent payments, and the cost of utilities for a period of eight weeks if small businesses retain their employees and payroll levels. The CARES Act also expands a separate Coronavirus disaster program, which provides low-interest loans (3.75% for small businesses and 2.75% for non-profits) up to $2 million and with $10,000 advance grants that may not have to be repaid.

Tee Rowe from America’s Small Business Development Centers will walk-through the small business assistance programs in the CARES Act and discuss how to apply for SBA loan programs. SEMA members will have a chance to ask Ingber and Rowe questions at the end of the webinar.

Immediate questions? Contact Eric Snyder at erics@sema.org.

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