Auctions Eligible for SBA Loans

By Staff Writer April 10, 2020 484

 

An official from the Small Business Administration confirmed auto auctions are eligible for SBA loans under the CARES Act relief package signed into law this month.

National Auto Auction Association President Laura Taylor recently hosted a teleconference with SBA official R. Gregg White, in conjunction with the Independent Auction Group and she moderated a Q&A with White, the district director in Taylor’s home state of South Carolina.

White told the group that the $2 trillion relief package contains $377 billion in aid for small businesses like auctions.

Auto auctions can apply for the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL).

PPP provides loans that will be fully forgiven when used for at least 75 percent of payroll costs, as well as interest on mortgages, rent, and utilities. EIDL advances will provide up to $10,000 of economic relief for working capital needs to businesses that are currently experiencing temporary loss of revenue and will not have to be repaid.

Other aid programs that are available are the SBA Express Bridge Loans, and the SBA Debt Relief offers a financial reprieve to small businesses during the pandemic.

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Last modified on Thursday, 16 April 2020 15:07

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