You decide what’s best

[Chris Cambridge]

Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law, making $349 billion available to small businesses! So what does this mean for you?

It is important to note that this portion of the CARES Act isnot the same as the SBA economic injury disaster loan (EIDL) loan program that is already available on the SBA website (the SBA provides this directly, not us or any lender)

Which is Better?

Although you must decide which relief program is best for you, we believe that the CARES Act SBA 7(a) Relief Loan is the better option for the following reasons:

The SBA EIDL program already has a bottleneck of over 25,000 applications.

CARES Act SBA 7(a) Relief Loans are available up to $10,000,000 vs. only $2,000,000 for the EIDL program.

With the expertise and experience of seasoned SBA lenders and loan providers involved and helping to shape policy, we anticipate that the CARES Act SBA 7(a) Relief Loan program will be more streamlined than the EIDL program, and funding will be available faster.

So if you don’t know now you know!