Just watched a corporate webinar about the SBA loans being made through the federal government. It looks promising for a bunch of small business owners.
It boils down to a loan of 10 weeks worth of your average payroll over the last year. It will be forgivable as long as the money is spent to pay your employees/rent/utilities over the following 8 weeks of receiving the loan. This is great news for many small businesses with under 500 employees. It was also stated that there is most likely a second round of monies being made available but with very low interest rates and a 10 year payment schedule.
Corporate is also helping us by deferring some things up to 5 weeks out. Pepsi Cola also stepped up for us too by expediting rebates for the year and pro rating next years rebate and advancing those dollars now. And maybe not so god for everyone... but if you own a pizzeria... cheese prices fell to $1.55 a pound block price down from north of $2. This sure makes a big difference in my margins.
If this all comes through... it sure gives many a fighting chance to weather out this storm.