The SBA recently issued an interim final rule that was aimed at helping lenders get on board with the Paycheck Protection Program. It doubled the interest rate that lenders can charge for these loans from .5% to 1% and provided clarity around underwriting expectations. (more…)
The COVID-19 pandemic has required business leaders across every industry to rapidly shift their attention to countless new and pressing priorities: ensuring employees and family members are safe and healthy, adjusting business to daily changes in market conditions, and in many cases, moving quickly to a remote employee model. (more…)
Most people know the basics by now but here is a recap. Under Title I of the CARES Act, small businesses can get a loan from an SBA lender in the amount of 2.5 times their monthly payroll, up to $10MM, and the loan will be forgiven as long as it is...
The coronavirus (COVID-19) pandemic has quickly swept the globe, overwhelming healthcare systems, disrupting financial markets, stressing businesses and shocking humanity. Economists are predicting a severe recession - or worse - as a result of its short- and long-term financial effects. (more…)