Deciphering the New CARES Act, Paycheck Protection Program and Economic Injury Disaster Loan for Restaurants
Just a few points to clarify post webinar from our real time Q&A:
- CPA’s do not need special designation from the SBA to assist clients in preparing the forms. However, banks do need special designation from SBA to manage applications. To find SBA approved Lenders go here.
- The up to $10,000 initial loan is issued upon applicable- not upon loan acceptance. The SBA is processing them as quickly as possible but most are not getting the initial $10,000 within the 3 days but shortly after. KROST has clients who have received it once the SBA confirms they have received the application.