AERA COVID-19 Alert
Dear Members,
The recent passing of the CARES ACT will allow the US Small Business Administration (SBA) to provide relief loans to businesses with 500 employees or less. In an effort to help you research and understand some of the help available for small businesses, here is a link to the US SBA website:
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
One program in this package that I believe might be of help to you would be the Paycheck Protection Program (PPP). Offered to small business with less than 500 employees who have been in business operation before February 15, 2020.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The Paycheck Protection Program will be available through June 30, 2020.
If interested, I encourage you to apply as early as you can. Also, I would suggest you contact your banker or a bank that is affiliated with the SBA to assist you through the application.
Programs like this are intended to help businesses through some trying times. Please don’t hesitate to act on this program if needed.
Stay Safe!
Sincerely,
Jim Rickoff
AERA President/CEO
The recent passing of the CARES ACT will allow the US Small Business Administration (SBA) to provide relief loans to businesses with 500 employees or less. In an effort to help you research and understand some of the help available for small businesses, here is a link to the US SBA website:
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
One program in this package that I believe might be of help to you would be the Paycheck Protection Program (PPP). Offered to small business with less than 500 employees who have been in business operation before February 15, 2020.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The Paycheck Protection Program will be available through June 30, 2020.
If interested, I encourage you to apply as early as you can. Also, I would suggest you contact your banker or a bank that is affiliated with the SBA to assist you through the application.
Programs like this are intended to help businesses through some trying times. Please don’t hesitate to act on this program if needed.
Stay Safe!
Sincerely,
Jim Rickoff
AERA President/CEO