Posted by: Wiley Lavender on Wednesday, April 1, 2020
These are uncertain times. One thing remains the same - Wiley Lavender is here for you.
Our team is fully versed on the CARES Act and are poised and ready to assist you in navigating your small business through the process. The application can be done online, and our team will work with you over the phone and electronically to ensure we are keeping you and our employees safe.
If your small business has fewer than 500 employees we can begin preparing for your application which can be submitted on April 3rd.
- The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities.
- Loan payments will also be deferred for six months.
- No collateral or personal guarantees are required.
- Neither the government nor lenders will charge small businesses any fees.
- Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.
- Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
- This loan has a maturity of 2 years and an interest rate of .5%.