The Equipment Leasing and Finance Association released a new video interview on important components of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This new resource provides an overview of loans available for small businesses in response to the COVID-19 pandemic of which both ELFA member companies and their customers should be aware.
Watch the video: “SBA Lending Programs in Response to COVID-19: What Equipment Finance Companies Need to Know.”
The video features a discussion between Andy Fishburn, ELFA Vice President of Federal Government Relations, and SBA expert Charles Rho, President of Velocity SBA, an affiliate of ELFA member company Crossroads Equipment Lease & Finance LLC. A key focus of the discussion is the Paycheck Protection Program, which will provide approximately $350 billion in loans through the SBA 7(a) program. New guidance for the program released April 1 is addressed in the video.
Topics include:
- The current SBA 7(a) market
- The SBA Disaster Loan Program
- Overview of the Paycheck Protection Program
- Who is eligible for the program?
- How can companies apply?
- Advice for equipment finance companies: Should you advise your customers to apply?
- Tips if you are interested in becoming a lender
Watch the video here: www.elfaonline.org/news/videoSBA.