Spray Foam Businesses Can Apply for CARES Act Loan

Spray Foam Businesses Can Apply for CARES Act Loan

WASHINGTON, D.C. – March 30, 2020 – On March 25, 2020 the U.S. Senate collectively voted to progress the legislation titled Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"). In order to answer individuals, businesses and families, affected by the coronavirus. The application process is fairly self-explanatory with the applicant having to answer a series of questions like, ‘how many people in the company and whether it has 500 people or less working there.’ This is followed by a check list e.g. applicant is not involved in any illegal activity. The next page covers rudimentary business information for example - type of business, gross revenues for the twelve months prior to the date of the disaster (January 31st, 2020) and basic business details like address information etc. This page then feeds onto a business owner information section, with a similar layout followed by a page for additional information, which ends with a summary page.

Businesses eligible for these loan programs (with some exceptions), will include those with no more than 500 total employees (irrespective of full time or part-time basis) and businesses of a size standard in the industry based upon SBA (Small Business Administration) standards. In addition to small businesses, sole-proprietors, independent contractors, and other self-employed individuals are eligible for these loans. Certain applications can also be made for loan payment deferments, extensions for maturity dates, etc. on most existing SBA loans during this COVID-19 declared emergency period.

For additional information and to fill out the form visit covid19relief.sba.gov

By: SprayFoam.com Staff on Mar 30, 2020
Categories: Trade Associations
Tags: breaking news, featured news, Coronavirus