Small Business Loans for ADS Providers Under the Care Act
About $350 billion of the $2 trillion economic stimulus package recently signed into law are directed to provide loans to small businesses, with the opportunity for loan recipients to receive forgiveness and not have to repay the amount borrowed. Starting April 3, smaller 501c(3) organizations will be able to access these funds, as well as for-profit small businesses and sole proprietors. This webinar will explore the types of small business loans that are available and which one(s) might be the best fit for adult day services providers. ,/p>
• Become familiar with the pandemic response resources available to LeadingAge Minnesota member businesses and organizations, including:
o The Paycheck Protection Program, a forgivable small business loan program that is open to for-profit and 501(c)(3) organizations with fewer than 500 employees. o The SBA’s Economic Injury Disaster Loan in which borrowers receive funds directly from the Small Business Association (SBA), including a potential quick cash grant up to $10,000.
o Minnesota’s State Emergency Loans Programs.
• Receive an overview of the application processes established under each loan program to have a better idea of what is involved and increase the likelihood of success.
• Utilize a decision tree that will help you make the best decision possible for your ADS organization.
Jeremy Kalin, Attorney, Avisen Legal, PA, Minneapolis