The WCOED has banded together with our economic development peers at the Tiffin-Seneca Economic Partnership and throughout the region to host a regional webinar Tuesday, April 7th, at 2:00 p.m. with Ray Graves, Lender Relations Specialist with the US Small Business Administration’s (SBA) Cleveland Office.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act has been signed into law. This Act provides additional assistance for small business owners through the US Small Business Administration (SBA). Emergency Economic Injury Grants can provide up to a $10,000 Advance (which does not have to be repaid) on the Economic Injury Disaster Loan (EIDL) for emergency capital. It also includes the Paycheck Protection Loan Program, which offers forgiveness of up to 8 weeks of payroll based on employee retention and salary levels, no SBA fees, and at least six months of deferral with maximum deferrals of up to a year.
See resource: Small Business Owners Guide to CARES Act
SBA Lender Relations Specialist Ray Graves will provide an overview to these new programs, cover how to apply them, and answer questions from webinar participants. Graves joined the Cleveland office of the SBA in 2013, and has been working to help businesses obtain SBA financing since 1999.