March 30, 2020 — Second only to the health and lives of thousands of U.S. residents, the survival of small businesses across the nation is an exceedingly important concern as it relates to the COVID-19 pandemic.
Service Roundtable contacted Contracting Business today with information related to the "Paycheck Protection Program" provision included in the historic Coronavirus relief bill passed by Congress on March 27 and signed into law by President Trump.
"The portion of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that has generated the most buzz in the small business community is the Paycheck Protection Program," wrote Matt Michel, CEO. "This program will provide cash equal to 2.5 times a small business' average payroll and if the borrower maintains payroll through the crisis, the loan will be forgiven!
"The Service Roundtable is hosting two documents that explain the program. One is an explanatory document from the U.S. Chamber of Commerce. The other is a document from Live Oak Bank, a Service Roundtable Preferred Partner."
CLICK HERE to find the documents.
According to Michel, Live Oak Bank is finalizing the processes that will enable them to make these loans direct. They will act on a first come, first serve basis. To get in their queue, CLICK HERE.