The following are the links to the CARES Act Program Summary and a loan Application received from Waukesha State Bank, which they are taking starting this Friday.
This should be standard among all the SBA approved banks that are participating in the program. Be sure to check online for more updated forms, as these are literally changing daily.
The loans are repayable over up to 10 years at no more than 4% interest. They do not require collateral and more importantly, do not require personal guarantees! If you use the money for payroll and certain other limited expenses, it is possible to get the loan forgiven, and even the forgiveness, which is usually taxable, is not taxed!
There are also some disaster loans that may be available. There is some risk that obtaining one may disqualify you for other, better loans. Check with your banker and be sure to get the most updated information directly from the funding source, online.
There are also some tax breaks: rapid write off for Qualified Improvement Property (QIP), which typically are leasehold improvements, and ability to carryback losses 5 years, retroactive to 2018. Those two items can produce quick refunds in many cases.
If you need help with the CARES Act, please call either Jeremy Klang or Tom Schober for direction! This is designed to help save our businesses and economy, and namely you!
Call us at (262) 785-1820 for more information.