State Chamber Update
Thank you to those who joined us yesterday afternoon for a call with US Senator Chris Coons and John Fleming, State Director at the US Small Business Administration. Together they reviewed the CARES Act and how it applies to you and your business.
We specifically focused the discussion around the $350 billion dollars set aside for small businesses within this $2 trillion federal stimulus package. This is a lot of money. The challenge is getting the U.S. Small Business Administration to stand up the infrastructure needed to move these resources out to approved applicants. To be clear, however, the SBA has a full-time, nationwide staff of about 3,400 people, so using existing application and processing resources from financial institutions will accelerate loan decisions. The SBA is being asked to do in two months, 13 times the volume they would otherwise complete in one year. It’s a big job, but with support from our nation's lenders, I’m confident it will work.
If you weren't able to join the call, you can find the recording on our coronavirus resource page
here
.
I'd also like to point out a very useful resource put out by the US Chamber of Commerce.
Click
here
or the below image to access the Small Business Guide & Checklist for Coronavirus Emergency Loans.
