April 7 – Webinar: New CARES Act Programs for Business (SBA)

Tuesday, April 7 at 2:00 pm.

Tiffin-Seneca Economic Partnership and the Seneca Regional Chamber of Commerce – together with other economic development organizations from the area – have invited the SBA’s Ray Graves to talk about the new business programs in the CARES Act on Tuesday, April 7 at 2:00 pm.

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.

SBA Lender Relations Specialist Ray Graves provided an overview to these new programs, talked about 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.

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