Update (April 16): Reports are showing that the SBA has committed 100% of the $349 billion included in the CARES Act. Additional funds are being considered by Congress but have not yet been approved.
If you are thinking about applying for a relief loan through the Small Business Administration, the specifics can be hard to navigate. We’re here to help!
Remember:
- Loans for Small Businesses and Sole Proprietorships with employees opened on April 3rd
- Loans for Sole Proprietors, Independent Contractors, Gig Workers, and Self Employed workers open on April 10th
- Loans are distributed on a first come first served basis.
The South Carolina Department of Commerce has provided an excellent resource that outlines required documentation, eligibility, loan examples, forgiveness guidelines, and more!
