Sifting through the piles of information around the CARES Act is overwhelming. The Vested Group knows this because we have been trying to comb through it all over the last few days myself as well as leaning on our coaching and mentoring partners. Major thanks to our partner and coach, Petra Coach! If you aren’t leveraging an external coach, now might be the perfect time to start.
One of the central questions all of us here at The Vested Group are focusing on during this unique and challenging time is How can we truly be helpful?
In that vein, we would love to share some of the information and tools we've uncovered in our research of the CARES Act and the SBA Disaster Relief options to hopefully save you a little time.
Both options are likely to provide many benefits to your business and we would hate for your business to miss out on similar benefits just because you don’t have the hours or resources available to unravel it all. Most importantly, you need to act quickly to make sure you secure a place in line!
Some key takeaways:
- CARES Paycheck Protection Program (PPP)
- You can secure funds through your existing banking relationship and NOT the SBA saving you time and hassle
- To roughly calculate the amount your business is eligible for simply multiply your monthly payroll expenses by 2.5
- An amount equal to 8 weeks of payroll and certain operating expenses will be FORGIVEN and turned into a grant. Yes, that’s free capital for your business.
- SBA Economic Disaster Injury Loan (EIDL)
- There is a $10K grant that funds in 3 days for most businesses
- Up to $2M loan available with 30-year/3.75% terms
We have barely scratched the surface with the bulleted list above, so we want to share some more detailed resources with you. In the interest of saving you time and frustration, we’ve gathered a couple of resources that we found to be well written and succinct. If you find yourself wanting to explore more, this is a great place to start.