On Thursday March 26, 2020 Congress pass a $2.2 trillion stimulus CARES Act package that will provide additional funds to aid the homeless and potentially provide rental assistance, small business owner and Americans who have been impacted by the economic fallout of COVID-19. Small Business owner, we can help you apply for a loan that you don't have to pay back max 10K during this health pandemic crisis. We also have other loan options to assist you apply at a fixed rate of 1.0% payable in two years. No collateral and no prepayment penalty or fees. Loan payment will be deferred for 6 months. Due to the anticipate high subscription the sooner you applied the better as there is funding cap currently at $349 billion.
U.S. HOUSE REPRESENTATIVE PASS ANOTHER $3 TRILLION BILL
The HEROES Act includes:
A second round of direct stimulus payments to individuals, at $1,200 per family member (up to $6,000 per household)
An extension of the additional $600-per-week unemployment benefits through January 2021
$200 billion in hazard pay for first responders and frontline workers
SMALL BUSINESS STIMULUS CARES ACT $349 BILLION IS RUNNING OUT OF CASH
Treasury secretary Steven Mnuching on Tuesday April 7, 2020 seeks additional $250 billion for Small Business Program due to the high surging demand.
What we know so far?
$ 70 billion in taxpayer-backed loans for $250,000 small businesses since last friday April 3, 2020 (President Trump). But we do not know how many firms have received any of the money or have been approved. Data shows that only a small fraction of U.S. companies has reached small businesses, there are 30 million small businesses in the United States. "We'll be running out of money pretty quickly, which is a good thing in this case, not a bad thing," Trump told reporters.
Bank of America - Monday it had received 178,000 applications from firms seeking $32.9 billion in loan
Wells Fargo - Never formally started taking application, but by Monday morning. They have reached the $10 billion cap it had set aside for this loans under the program.
Is additional money on it's way?
Republican - Senate Majority Leader Mitch McConnell (R-Ky.) hoped to pass the cash infusion through the Senate on Thursday April 9, 2020.
Means Committee Chairman Richard E. Neil (D-Mass.) and others Democrats told Mnuchin that "You might need to get it up to a trillion".
Company less than 500 employees to seek taxpayer-backed loans from bank. The Loan will be fully forgivable if the companies meet certain worker-retention metrics, among other things. Banks will be reimbursed for making the loans through the federal government.