Webinar: Disaster Assistance Loans from the Small Business Administration

Presented by the Indiana Chamber and Barnes & Thornburg LLP

April 1, 2020 – 12:30 – 2:00 p.m. EDT
No cost for members

Join Barnes & Thornburg attorneys for a discussion about loan programs available through the Small Business Administration (SBA) under the CARES Act and through the SBA’s disaster assistance program. 

The CARES ACT provides for $349 billion to be used to guarantee loans to small businesses and other entities that have 500 employees or less.  Eligible borrowers can obtain up to a $10 million loan based on 2.5 times the average monthly payroll costs as determined over a 12-month or annualized basis (depending on the nature of the business) prior to the COVID-19 outbreak in the United States.  One of the most anticipated provisions of the program is the “forgivable” nature of the loan, in which a borrower under a covered loan can potentially have up to the entire principal amount of the loan forgiven. 

Small businesses and nonprofits affected by COVID-19 may be eligible for up to $2 million in SBA disaster assistance loans. This program will review the SBA economic injury disaster loan (EIDL) process, the documents required for applying for a loan and assess the practical business implications for companies seeking SBA assistance.

The webinar will be presented by Jason Myers and Mary Comazzi of Barnes & Thornburg LLP. 

Also, visit the Chamber’s coronavirus resource page for updated federal and state information as it becomes available.