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"CARES" ACT LOANS

Coronavirus Aid, Relief and Economic Security (CARES) Act

Congress Approves Economic Relief Plan for Individuals and Businesses

Many of our businesses are trying to understand the differences between the available loan programs from the CARES Act. For this reason, CDF has worked with our lending institutions and accounting firms to provide this general breakdown between the loan programs. Your business accountant and bankers should be used to determine which loan is best for your business.


SBA PPP Loan Forgiveness Planning Calculator/Application (EDITED 5.22.2020)

The SBA PPP Loan forgiveness calculator is no longer availabe. The SBA has finally released the PPP Loan Forgivness Application, so you can download the application here: https://cdf.ms/forgive


ANOTHER $250 BILLION AVAILABLE FOR SMALL BUSINESSES (POSTED 4.26.2020)

FROM DJOURNAL.COM - Dennis Seid / "The latest bill provides $250 billion to replenish the Paycheck Protection Program, a fund to help small and medium-size businesses with payroll, rent and other expenses. Initially funded with $349 billion, money ran out within a week of its launch earlier this month. Experts expect this latest cash infusion to disappear quickly as well." READ MORE


PAYCHECK PROTECTION PROGRAM | Emergency SBA 7 (a) Loans | Sections 1102, 1106



 The Paycheck Protection Program (PPP) allows small businesses to borrow 2.5 times the average monthly payroll through local banks for the purpose of providing financial assistance for payroll, rent and/or mortgage payments, and utilities. All or a large portion of this loan can be forgiven.
VIEW PDF: cdf.ms/cares

ECONOMIC INJURY DISASTER LOAN (EIDL) | Emergency SBA 7 (b) Loans | Sections 1110



The Economic Injury Disaster Loan Program (EIDL) can provide up to $2 million of financial assistance to small businesses and non-profits for working capital to cover financial obligations that can be met due to the COVID-19. EIDLs do not replace lost sales or revenue.
VIEW PDF: cdf.ms/cares

MIDSIZE LOAN PROGRAM
Section 4003



Largely undefined loan program to be created by the Treasury Department to fill the gap between the Paycheck Protection Program for smaller employers and the industry stabilization loans to big business.
VIEW PDF: cdf.ms/cares


CARES Act UPDATE

Watch the Facebook LIVE discussion
Judd Wilson, Vice President of the Chamber of Commerce, and David Rumbarger, President/CEO of the Community Development Foundation sat down for a Facebook LIVE video to discuss the CARES Act loans.

“How to” discussion on SBA Disaster Loan Application


Watch the Facebook LIVE discussion that was had on 3/24/2020 with Shane Homan, Senior Vice President Economic Development, and Matt McCarty, CFO, of the Community Development Foundation as they walk you through filling out the SBA application. If you still have questions, please contact your CPA (Certified Public Accountant) or you may email Shane and Matt at shoman@cdfms.org and mmccarty@cdfms.org.



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