From XU Magazine, 
Online News

USA Small Business Covid-19 Relief Programs

April 8, 2020

This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
You can find the original post here:

Small Business Association Low-interest Federal Disaster Loans

Details at the SBA website

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).

• SBA’s Economic Injury Disaster Loans: up to $2 million in assistance

• Interest rate: 3.75% for small businesses, 2.75% for Non-profits

• Long-term repayments up to a maximum of 30 years

The Paycheck Protection Program

Details at the SBA website

Excellent summary at Osler.com

Receive 2-year, 1% interest rate loans for the lesser of US$10 million and 2.5 times their average monthly U.S. payroll costs in 2019 (subject to a US$100,000 annual salary cap per employee).

The CARES Act provides that up to the full principal amount and any accrued interest of the loan can be forgiven if the loan is used for payroll costs for employees whose principal place of residence is in the United States and payments for mortgage interest, rent and utilities for the 8 week period after the loan is made; and the employee and compensation levels are maintained.

Why leave it there?

To find out more about DryRun

Straight to your inbox

Subscribe to our newsletter for updates as they happen
We hate spam too. We NEVER sell our mailing list.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.