On March 27, 2020, the Coronavirus Aid, Relief, and Economic Stability Act, known as the CARES Act, became law. It is the third piece of federal legislation related to the 2020 coronavirus pandemic and provides approximately $2 trillion in sweeping emergency measures to mitigate the resulting public health and economic crisis facing individuals, families, and businesses. The cornerstone of the CARES Act’s relief package for small businesses is the Paycheck Protection Program (PPP), under which the Small Business Administration (SBA) will guarantee up to $349 billion in small business loans.
PPP loan applications are expected to begin being accepted on Friday, April 3, 2020 or sometime soon afterward. It’s important to note that this program has limited funding ($367B), which sounds like an awful lot, but is far less than the anticipated demand.
At this time, we are assisting our clients and small businesses throughout South Dakota in navigating the increasingly-complex PPP application process. For no charge to your business, we will help ten (10) South Dakota businesses complete and submit its PPP Application to a designated lender. You may ask, why are we doing this? Here's our answer:
- It's in everyone's best interest that our clients and South Dakota's small businesses weather this economic crisis caused by the pandemic. Helping our clients and small businesses get any assistance possible will strengthen our state moving forward.
Please contact Sara Travis at [email protected] to let us know if you'd like us to help. We anticipate that these ten (10) slots will be filled very quickly - so let us know immediately if you'd like us to help.
For more information about the PPP - click here.
