The Coronavirus Aid, Relief, and Economic Security (CARES) Act that recently was enacted into law contains a provision that some of our posts and our members that own or work at a small business will find useful.This program is the Paycheck Protection Program. This program allows certain businesses and nonprofits (including veterans organizations) to borrow funds in a FORGIVABLE LOAN to assist with expenses when the business is not in operation due to COVID-19.
Final regulations are still being written but the intent is to assist with payroll, mortgage interest, rent, utilities and interest on other debt obligations. This program is being administered through the Small Business Administration. It is strongly recommended that more information be obtained through a local banker that is familiar with SBA programs. Certain conditions that can be easily met will make this loan forgivable.
Please do not wait to apply for this loan if your post or business qualifies. Congress allocated a certain sum of money for this program. Prospective borrowers that wait too long to apply may find that the pot of dollars is empty.
Contact your banker today!