Small Business Bulletin
Mar 27, 2020
AOG Wealth Management
Small Business Bulletin
In response to the COVID-19 Pandemic, the Trump Administration has been working with both the House and the Senate on a largely bipartisan basis. We will be absorbing the implications of the CARES ACT for some time. However, since many of our clients own or work for a small business (less than 500 employees), we wanted to send you these resources now. Generally, this bill provides a couple of months support for payroll, health insurance, rent and utilities to tide small businesses over until they can resume normal operations.
Now that the House & Senate have passed the bill, and the President has signed the legislation, our banking contacts are telling us that they will be prepared to start taking small business loan applications on Friday, April 3. Both of our business banks are US Small Business Administration ("SBA") lenders and based on the training that they have already received, they think the Treasury Department will be able to approve many loans in as little as 15 minutes.
Please send these links to any of your friends or colleagues that own small businesses. I would encourage them to check with their own bank first. If they need a further contact, several of my colleagues and I have been very pleased with the SBA lending services we have received from Live Oak Bank.
I have also included a link to the law firm Steptoe and Johnson, which provides in-depth analysis of the entire Bill. Please call or email if we can be a resource for you or your friends on this issue.
Live Oak: https://www.liveoakbank.com/
S B A : https://www.sba.gov/funding-programs/disaster-assistance
https://www.steptoe.com/en/news-publications/senate-passes-omnibus-cares-act.html
AOG Wealth Management
The information, analysis, and opinions expressed herein are for general and educational purposes only. Nothing contained in this commentary is intended to constitute personalized legal, tax, accounting, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. Information obtained from third party sources are believed to be reliable but not guaranteed. All opinions and views constitute our judgments as of the date of writing and are subject to change at any time without notice. No consideration or compensation has been received from any firm referenced in the above commentary.
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