Coronavirus (COVID-19) Relief
for Small Businesses and Individuals
With the passing of the $2 trillion federal coronavirus relief package, the CARES Act has several economic provisions that may apply to you and your business. We’ve outlined some key programs below, including the Paycheck Protection Program, Economic Injury Disaster Loans (EDILs), Direct Payments, and Unemployment Benefits, providing resources for each.
Paycheck Protection Program
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Additional CARES Act Benefits
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We are Here to Help
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Paycheck Protection Program
The CARES Act allocated $350 billion to the Paycheck Protection Program (PPP), which is facilitated through the Small Business Administration (SBA) and meant to quickly get cash into the hands of small businesses.
HIGHLIGHTS:
- Designed to provide a direct incentive for small businesses to keep their workers on the payroll.
- This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors, and self-employed persons), private non-profit organization, or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
- Offers loans up to $10 million, and terms up to 10 years.
- This loan has a maturity of 2 years and an interest rate of 1%.
- Loan payments will be deferred for six months.
- SBA will forgive loans if all employees are kept on the payroll for eight weeks, and the money is used for payroll, rent, mortgage interest, or utilities.
- PPP has a stripped-down application process for faster funding.
- You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
- Lenders can begin processing loans on April 3, 2020, through June 30, 2020.
PPP Helpful Resources
EDIL Helpful Resources
Direct Payments & Unemployment Benefits Helpful Resources
Additional Benefits Available Via the CARES Act
The SBA’s Economic Injury Disaster Loans (EDILs) are the first line of support in the event of a disaster. The CARES Act has deemed the COVID-19 pandemic qualifies under this loan program.
Businesses in every U.S. state and territory are eligible to apply for EDILs, with terms the following:
- Loans up to $2 million
- 30-year term
- Interest rate of 3.75% for small businesses
- First month’s payment deferral a full year from the date of the promissory note
Direct Payments
Taxpayers earning up to $75,000 can expect a one-time direct deposit of up to $1,200. Married couples with combined incomes up to $150,000 will receive $2,400, plus an additional $500 per child.
Unemployment Benefits
Extended unemployment offers workers an additional $600 per week for four months. Self-employed, independent contractors and gig economy workers are also included.
Oakmont Capital Helpful Resources
Although Oakmont Capital Services recommends that you work with your bank regarding applying for loans, should you have any questions or need advice, we encourage you to reach out to us! We will keep this resource updated as new information is released.
We ask that everyone stay home, stay safe, and stay well during this time!
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Call (877) 701-2391
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Oakmont Capital Services (Headquarters)
600 Willowbrook Lane, Suite 601
West Chester, PA 19382
Direct (610) 892 8670
Toll-Free (877) 701 2391
Fax (800) 843 2948
info@oakmontfinance.com
CFLL #60DBO 91777
Oakmont Capital Services (Minnesota Offices)
1321 Shamrock Ln, Suite 1
Albany, MN 56307
Direct (320) 844 8800
Toll-Free (877) 701 2391
Fax (800) 843 2948
info@oakmontfinance.com
CFLL #60DBO 93550
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