CARES Act and SBA Assistance

Our banks have not received the required information to assist with the loan process as of yet. The banks will post and we will share their post when they can provide assistance. 

CARES Act Summary & Analysis 

Friday the House passed the Senate bill and the President has signed it into law. You can access a copy of the CARES Act (here). 

Small Business Loans & Support 

Small businesses can recover costs or subsidize costs for payroll, rent, utilities, and mortgage interest under the Paycheck Protection Program (see sections 1102 & 1106). Small businesses can recover costs or subsidize costs for rent, utilities, and mortgage interest for the 8 weeks following the loan origination IF they maintain or re-employ full-time workers from pre-crisis levels by June 30, 2020. Firms are eligible for loans up to $10 million or 250% of employer monthly payroll costs. Interested businesses can go to any FDIC insured bank in their community to discuss their eligibility and loan terms and they may reach out to their regional Small Business Development Center (see below) for assistance in completing the application or if they have more questions. They may also go directly to the SBA website listed below

Missouri Small Business Development Center 

State Fair Community College 

3201 West 16th Street

Room F255

Sedalia, MO 65301

Phone: (660) 530-5822

Serving Bates, Benton, Camden, Cass, Henry, Hickory, Johnson, Lafayette, Morgan, Pettis, Saline, and St. Clair counties

Website: https://sbdc.missouri.edu/locations/missouri-sbdc-at-state-fair-community-college

SBA Disaster Loan Information: https://disasterloan.sba.gov/ela/Information/Index