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NASF Update on Business Financing Under the CARES Act

Business Financing Under the CARES Act, a program aimed at providing funding during the coronavirus crisis, comes on the heels of concerns over the rollout of SBA’s forgivable loan program.
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COVID 19 and manufacturing, COVID 19 and industry, coronavirus

The Federal Reserve announced April 9 it will provide up to $2.3 trillion in loans to support the economy. This comes on the heels of concerns over the rollout of SBA's forgivable loan program.

The myriad of new programs is aimed at providing funding to households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic.

The U.S. Chamber of Commerce's Center for Capital Markets Competitiveness team put together a summary of the various loan facilities intended for businesses and other entities of all sizes. Read about Small, Medium and Large Business Financing Under the CARES Act here.

For the new Main Street Expanded Loan Facility, eligible borrowers are businesses with up to 10,000 employees or up to $2.5 billion in 2019 annual revenues that are businesses created or organized in the United States with significations operations in and a majority of its employees based in the United States.

The National Association for Surface Finishing (NASF) continues to be active on a daily basis with federal agencies as a member of the U.S. Chamber of Commerce's Business Disruption Task Force, the Small and Medium Enterprises Coronavirus Task Force, and other committees and coalitions to provide industry’s input to decision-makers and receive new information on federal aid and assistance as implementation of the CARES legislation proceeds. Questions may be directed to NASF at info@nasf.org.

 


This post is courtesy of the Products Finishing and National Association for Surface Finishing (NASF) media partnership. Visit nasf.org.