April 2, 2020 - Get up to speed on important new components of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in this video interview from ELFA. The video features Andy Fishburn, ELFA VP of Federal Government Relations, and SBA expert Charles Rho, President of Velocity SBA, an affiliate of ELFA member company Crossroads Equipment Lease & Finance LLC. The video provides an overview of loans available for small businesses in response to the COVID-19 pandemic that both ELFA member companies and their customers should be aware of. A key focus of the discussion is the Paycheck Protection Program, which will provide approximately $350 billion in loans through the SBA 7(a) program. Topics include:
- The current SBA 7(a) market
- The SBA Disaster Loan Program
- Overview of the Paycheck Protection Program
- Who is eligible for the program?
- How can companies apply?
- Advice for equipment finance companies: Should you advise your customers to apply?
- Tips if you are interested in becoming a lender
Download the brochure referenced in the video, “Summary of Loans Available For Small Businesses in Response to the COVID-19 Disaster