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03-25-2020, 12:54 PM #1
- Join Date
- Jun 2014
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CARES Act Expansion of 7a: Is every business eligible?
Has anyone heard if the pending stimulus bill would eliminate for 7(a) Express Loans the normal restrictions and ineligible business categories?
The current text seems to increase eligibility to any merchant in business on March 1st & have less than 500 employees. Or is this really just going to be the 7(a) Express Loan process without the need to prove you can't receive credit elsewhere?
http://www.congress.gov/bill/116th-c...bill/3548/text
(b) Increased Eligibility For Certain Small Businesses And Organizations.—
(1) IN GENERAL.—During the covered period, any business concern, private nonprofit organization, or public nonprofit organization which employs not more than 500 employees shall be eligible to receive a loan made under section 7(a) of the Small Business Act (15 U.S.C. 636(a)), in addition to small business concerns.
(2) EXCLUSION OF NONPROFITS RECEIVING MEDICAID EXPENDITURES.—Paragraph (1) shall not apply to a nonprofit entity eligible for payment for items or services furnished under a State plan under title XIX of the Social Security Act (42 U.S.C. 1396 et seq.) or under a waiver of such plan.
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