WASHINGTON – Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin today announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.
The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.
“This unprecedented public-private partnership is going to assist small businesses with accessing capital quickly. Our goal is to position lenders as the single point-of-contact for small businesses – the application, loan processing, and disbursement of funds will all be administered at the community level,” said Administrator Carranza. “Speed is the operative word; applications for the emergency capital can begin as early as this week, with lenders using their own systems and processes to make these loans. We remain committed to supporting our nation’s more than 30 million small businesses and their employees, so that they can continue to be the fuel for our nation’s economic engine.”
“This legislation provides small business job retention loans to provide eight weeks of payroll and certain overhead to keep workers employed,” said Secretary Mnuchin. “Treasury and the Small Business Administration expect to have this program up and running by April 3rd so that businesses can go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day. The loans will be forgiven as long as the funds are used to keep employees on the payroll and for certain other expenses.”
The new loan program will help small businesses with their payroll and other business operating expenses. It will provide critical capital to businesses without collateral requirements, personal guarantees, or SBA fees – all with a 100% guarantee from SBA. All loan payments will be deferred for six months. Most importantly, the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest.
The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program.
* The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.
Loan Terms & Conditions
- Eligible businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
- Maximum loan amount up to $10 million
- Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
- All loans under this program will have the following identical features:
- Interest rate of 0.5%
- Maturity of 2 years
- First payment deferred for six months
- 100% guarantee by SBA
- No collateral
- No personal guarantees
- No borrower or lender fees payable to SBA
SBA’s announcement comes on the heels of a series of steps taken by the Agency since the President’s Emergency Declaration to expeditiously provide capital to financially distressed businesses affected by the Coronavirus (COVID-19) pandemic. Since March 17, SBA has taken the following steps:
- Declared all states and territories eligible for Economic Injury Disaster Loan assistance
- *1-year deferment on Economic Injury Disaster Loans provided due to COVID-19
- Automatic deferment of previous disaster loans for homeowners and businesses through 2020
- Waiver of garnishments through 2020
- Visit SBA.gov/Coronavirus for more information on SBA’s assistance to small businesses.
Residents of Murray County can now use a free hotline provided by AdventHealth to ask questions about coronavirus (COVID-19) and speak with a nurse as appropriate.
The AdventHealth Coronavirus Information Line, 877-VIRUSHQ, (877-847-8747) is available 24 hours a day, seven days a week. It serves as a one-stop-shop to connect people with resources such as the Centers for Disease Control and Prevention and their state’s Department of Health.
While the phone line is not intended to replace a physician-patient relationship, nurses can answer general medical questions and will refer the caller to the appropriate next steps, such as connecting them to a nurse, AdventHealth eCare or other health care provider.
AdventHealth is hopeful this service will also offload non-clinical call volumes from health care offices, helping providers in the community by freeing up their staff to focus on those who need the most immediate, critical care.
The initial launch of the AdventHealth Coronavirus Information Line was piloted in Florida and has now expanded to serve consumers across the health system’s nationwide footprint.
“It is important that our community is educated and prepared to help mitigate the spread of this virus,” said Brendan Nieto, administrator of AdventHealth Murray. “We want to provide an easily accessible resource to our community by answering common questions and easing any fear or confusion people may be experiencing.”
AdventHealth has also launched an informational resource site, https://www.adventhealth.com/coronavirus-resource-hub, where consumers can get answers to top coronavirus (COVID-19) questions, such as:
*Am I at risk?
* What should I know if I am pregnant?
* How can I protect myself from this and other viruses, like the flu?
The Eton Town Council meeting scheduled for Tuesday has been cancelled due to concerns over the coronavirus. The council will resume meeting in May, according to Mayor Billy Cantrell.
The Chatsworth City Council meeting scheduled for April 6 has been cancelled due to the COVID-19 emergency, according to City Clerk Wilma Nolan.
By Dave Williams
Capitol Beat News Service
ATLANTA – President Donald Trump has declared Georgia a major disaster area due to the impacts of coronavirus, Gov. Brian Kemp announced Sunday.
“Georgia is grateful for this designation, as it will enable the state to continue partnering with federal agencies in a coordinated fight against this pandemic,” Kemp said. “The presidential declaration is a critical step in providing additional assistance to our state and local governments as they continue to respond to COVID-19.”
The disaster declaration came as the number of confirmed COVID-19 cases rose to 2,651. Eighty Georgians had died of the virus as of noon Sunday.
Kemp declared a statewide public health emergency on March 14, and the General Assembly ratified the action two days later during a one-day special session. The governor’s declaration made available state resources to help deal with the coronavirus outbreak.
The federal disaster declaration will allow federal agencies to provide direct assistance to Georgia. The record $2 trillion economic stimulus package Congress passed on Friday includes $150 billion in direct aid to state and local governments, money that can be used to help offset the impact the loss of businesses and jobs will have on state budgets.
COVID-19 now has spread to 113 counties. Fulton County has the most with 407 confirmed cases, followed by DeKalb County with 272 cases, Dougherty County with 239, Cobb County with 222, Gwinnett County with 143 cases and Bartow County with 119 cases.
However, the most deaths have occurred in hard-hit Dougherty County, where 17 have died from coronavirus. Fulton County has had 12 deaths, followed by Cobb County with nine.