ūüŹĒÔłŹ Peak Performance 2024 is here. Get the report
ūüŹĒÔłŹ Peak Performance 2024 is here. Get the report

CARES Act Walkthrough with SBA Loan Expert Sue Malone

Our recent CARES Act webinar featured Ben Hodson, Co-Founder of JobNimbus, Christian Bacasa, Sales Operations at JobNimbus, and exclusive guest speaker Sue Malone, President and CEO of National Lien Law. Sue has written some of the CARES legislation and works directly with SBA and SCORE. She has helped draft the PPP bill for Congress and fund over 41,000 SBA loans. The three speakers dove deep into the topic of how the CARES Act can help your business. This webinar will help you learn how to apply for the CARES loan in easy steps and learn about upcoming legislation to help your business.


  • Myth: I can only go to large banks.
    • Check out your community banks!
  • Myth: I should apply to many banks.
    • Only apply to one bank
  • Myth: 1099 employees is included.
    • As of right now, there have been 31 changes since the original the bill. The 1099¬†cannot¬†be included with the business that hires the 1099.
    • Myth: There is no more money coming.
      • More money is coming out. There is 320 billion dollars allocated for it.
      • Possible timeline: Monday or Tuesday (April 27 or 28).

What is the CARES Act?

  • ¬†CARES: ‚ÄúThe Coronavirus Aid, Relief and Economic Security Act.‚ÄĚ
  • It is a federal program that offers loans to small businesses.
  • It was signed into law on Friday, March 27.
  • The program went live last Friday, April 3.
  • The second round of funding is in progress.

How can it help me?

  • The Paycheck Protection Program (PPP)
    • Lets you keep employees
    • Maintains salaries
    • Covers payroll through an 8 week period.
    • Helps cover rent, utilities, and mortgage.
  • The Economic Injury Disaster Loans (EIDL)
    • Longer-term loans
    • Helps with business expenses
    • Covers COVID-19 related revenue losses

What does the PPP program do?

  • 1% interest, 2-year loan
  • No payments for 6 months
  • No collateral or personal guarantees
  • Schedule C
  • The loan may be forgiven if:
    • You maintain the same number of employees
    • Your employee pay cut is no more than 25%
    • 75% of the loan amount needs to be spent on payroll within the first 8 weeks
    • Laid off personnel can be re-hired

What does the EIDL loan offer?

  • Interest rate: 3.75%
  • Can get up to $2 million
  • $10,000 advance that does¬†not have to be paid back ($1000, per employee up to 10K)
  • First payment is not due for 12 months

EIDL: Am I eligible? 

  • Most businesses under 500 employees are eligible
    1. Must be up-to-date on child support
    2. No bankruptcies
    3. No delinquent existing SBA loans
  • Restrictions:
    • Small business owners in all states are eligible
    • An advance of up to $10,000
    • Also applies if you are not a business, can help renters and homeowners
    • Government Eligibility¬†Checker

Can I get both the PPP and the EIDL?  

Yes, you can get both the PPP and EIDL. The PPP is specifically for payroll costs, and the EIDL is for fixed debts, accounts payable, or other business costs.

    • The¬†EIDL application¬†lists everything out.
    • The¬†PPP¬†application ‚Äď SBA Form 2483 some banks have an online process, most do not.

How do I apply?

Decide which loan applies to you.

  • Payroll Protection Program (PPP)
    • Must apply through a local participating bank
    • Recommend you go through your current bank if possible
  • Economic Injury Disaster Loans and Loan Advance (EIDL)
    • Must apply directly with SBA
    • First payment not due for one year.
  • SBA Debt Relief
    • Deferring payments for 6 mos.
  • SBA Express Bridge Loans

What is required for the PPP program? 

Fill out the paycheck protection program application form 2483 (PPP).

  • Only 3 numbers are required on the form:
    1. Average monthly payroll
    2. Average monthly Payroll  x 2.5
    3. Number of employees
  • EIN or SSN
  • DBA / Trade-name
  • Answer questions (character determination & business verification)
  • Owner and Authorized Representative signatures

What is required for the EIDL?

The Economic Injury Disaster Loan Application (EIDL)

Some requirements:

  • The online application has what you need to fill out:
    • EIN or SSN
    • Trade name
    • Gross revenue and cost of goods sold for the prior 12 months
    • Bank account and routing number
    • Questions about criminal offenses
    • Additional questions for shareholders 20%+

Who do I talk to for help?

The U.S. Small business Administration has a partner ‚ÄúSCORE‚ÄĚ who has a network of business mentors.

They can help for free via remote mentoring via email, chat, or video.

Anything else I should be aware of?

  • It is better to be¬†over-prepared¬†and use these resources, then wait
  • You need to submit¬†all the required information¬†or it will not be processed
  • The government is advising to apply¬†ASAP¬†as there is a loan cap
  • Do your¬†research¬†and check the SBA sites as information may change
  • No more than 25% of the forgiven amount may be for non-payroll costs (PPP)
  • Reach out to your bank to see if they are able to provide assistance
  • Infrastructure bill
  • Private and Public opportunities

For further assistance:

SBA Contact: Customer Service Center at 1-800-659-2955 


Sue Malone: sue.operationnextstep@gmail.com 

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