Good afternoon –
In these continued challenging times, Armada wants to make sure you were aware of new programs available in response to the coronavirus (COVID-19) pandemic. Although outside of our particular scope, we would be doing a disservice to not provide all the information we have acquired through business partners and advisers that could be of value to you and your organization.
The federal government recently signed into law the Coronavirus Aid, Relief and Economic Security Act (CARES Act).
- Among other provisions, the CARES Act provides businesses suffering under the debilitating effects of the pandemic with unprecedented access to emergency loans.
- Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
The attached document will serve as an overview of the loan programs available.
In addition, we have provided the following. Please click on each to view and/or download:
- A 4 page fact sheet on the PPP (paycheck protection program) plan from the US Department of Treasury
- The application from the US Dept of Treasury
- A simple 1 pager that provides a summary of the PPP
We hope this provides some valuable resources in certainly unprecedented times.