The Coronavirus Aid Relief and Economic Security (CARES) Act was signed into law on March 27. It’s designed to help businesses dealing with the economic consequences of Covid-19’s spread and the social-distancing measures meant to limit the disease. The OAACCF is right on the heals of this Act with the creation and development of the OAACCF Resiliency Relief Program, which will roll out on March 30, 2020. The link below gives small businesses information about How they can get Coronavirus Relief through the CARES ACT.
Another section of the CARES Act creates a temporary Pandemic Unemployment Assistance Program that will run through December 31, 2020.
Business Management and Business Support for Recipients Receiving Relief:
Please complete the applications from the links below or review these materials as this is information that will continue to bridge your businesses required support:
- Register with the SBA for federal disaster assistance, even if you do not want to apply for an SBA loan. There is no obligation to accept funds. It is better to be registered and have options than to miss participating in the registration process. As we know, COVID-19 has created some major challenges for Springfield small businesses.
“Minority-owned firms are much less likely to be approved for small business loans than white-owned firms. And, even if they do not get approved, minority-owned firms are more likely to receive lower amounts and higher interest rates. According to findings from the U.S. Department of Commerce Minority Business Development Agency, these discrepancies have made minority business owners more likely to not apply for small business loans, usually out of fear or rejection. In addition, it seems that the most common reason minority-owned firms are rejected for small business loans is a lower net worth and/or lack of assets. Wealth levels for Latinos and African Americans are reportedly 11 to 16 times lower than for whites”.
- Apply for an SBA (Small Business Administration) Express Bridge Loan. It will enable your small business an opportunity to create a relationship with an SBA lender and access of up to $25,000 immediately.
- Contact a resource with the Opportunity Fund for new financing @ 888-720-3215. The Opportunity fund is committed to supporting existing and new small business customers who are financially struggling amidst the COVID-19 outbreak. https://www.opportunityfund.org/.