CARES Act

Small Business Loans

Here are a few quick bullet points for small businesses from The Wall Street Journal about the Paycheck Protection Program:

  • Where to apply?

    • The loans will be available at all federally insured banks and credit unions along with other lenders approved for SBA guaranteed loans

    • Small business and sole proprietors can start applying today

    • Independent contractors and self employed individuals can begin applying April 10th

  • When will you receive funds?

    • Loans may be approved as soon as the same day according to U.S. officials though it could take longer

    • Officials urge businesses to apply as soon as possible because lenders need time to process loans and the program has a funding cap of $349 billion

  • How much can I borrow?

    • Loans can be for as much as two months of your average monthly payroll costs from the past year, plus an additional 25% of that amount. The loan amount is capped at $10 million

Disclosure: 

Cornerstone Advisory, LLC, is registered as an investment adviser with the SEC. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

 

Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that the future performance of any specific investment or strategy will be profitable or equal to past performance levels.

 

All investment strategies have the potential for profit or loss. Changes in investment strategies, contributions or withdrawals, and economic conditions may materially alter the performance of your portfolio.

© 2020 by Cornerstone Advisory, LLC

  • Facebook Social Icon
  • LinkedIn Social Icon
  • Twitter Social Icon