As the Covid-19 pandemic pushes many of America’s small businesses to the edge of collapse, now is the moment for bankers around the country to really show that they give a you-know-what about small businesses. Congress has passed a giant $2.2tn bill to help people survive the coronavirus pandemic. As part of this bill, $377bn has been set aside specifically to aid small businesses. In effect, the government is giving free money to small business owners that qualify for this aid. And most do. If you’re running a company with fewer than 500 employees, you can now apply for up to a $10m loan under the Small Business Administration’s Section 7(a) program. But these are not just loans. It’s free money. That’s because for those businesses that apply before 30 June, any individual loan amounts that are being used to cover eight weeks of payroll (including sick time), rent, utilities and mortgages will be forgiven. Which means that the government is literally funding our operations for a two-month period. Are there limitations? A few. Employee compensation over an annualized $100,000 wouldn’t be part of the calculation. Documentation must be provided. Layoffs during this period would be penalized. But then there… Read full this story
- Why 2020 will be an easy year for small businesses
- Southern Cross's incurably flawed business model let down the vulnerable
- Is India's insolvency law really solvent?
- The year in Acadiana business: Waitr's struggles, major mergers and more in 2019
- Let’s hope YES Bank manages to raise funds by Q1 of next year: Deepak Shenoy
- It's time to be wary when you cannot sell soaps, shampoos and detergents: Basant Maheshwari
- 'I confuse people': Noel Edmonds on bank fraud, Mr Blobby and his 'barmy' reputation
- Column: Billionaires emerge as the defining campaign issue for 2020
- ETRISE Dialogues: Land unavailability, cost overruns hampering MSMEs growth
- George Osborne's speech to the Conservative party conference in full
Now is the time for the banks to show they really care about small businesses have 319 words, post on www.theguardian.com at April 1, 2020. This is cached page on Europe Breaking News. If you want remove this page, please contact us.