It is important that we, as individuals and as an industry, make sure that our representatives in Washington, D.C. know the impact that the COVID-19 pandemic is having on us.

Last night the CARES Act was approved 96-0 in the Senate. It now moves to the House, where it is expected to be voted on no later than Friday.

NEAAPA has drafted a letter that you can use and send to your elected representatives, which can be found here: https://neaapa.com/federal-representatives/. Contacting your representative in the House will only take a few moments of your time. It is important that they not only hear from trade organizations, like NEAAPA, IAAPA, OABA, etc, but that they hear directly from their constituents.

Once the bill has been signed into law, there will be many more tools at your disposal to keep your business going. More detailed guidance will be availble very soon, but right now we suggest that you speak with your banker as soon as possible and specifically ask if your bank is qualified by the Small Business Administration (SBA) to originate Section 7a loans. Most are, but if they are not, you should consider finding another bank that can assist you with the CARES Act financing.

• «Previous Post
• Next Post »

---