Coronavirus (COVID-19) Relief

for Small Businesses and Individuals

With the passing of the $2 trillion federal coronavirus relief package, the CARES Act has several economic provisions that may apply to you and your business. We’ve outlined some key programs below, including the Paycheck Protection Program, Economic Injury Disaster Loans (EDILs), Direct Payments, and Unemployment Benefits, providing resources for each.

Paycheck Protection Program

LEARN MORE

Additional CARES Act Benefits

LEARN MORE

We are Here to Help

LEARN MORE

Paycheck Protection Program

The CARES Act allocated $350 billion to the Paycheck Protection Program (PPP), which is facilitated through the Small Business Administration (SBA) and  meant to quickly get cash into the hands of small businesses.

HIGHLIGHTS:

  • Designed to provide a direct incentive for small businesses to keep their workers on the payroll.
  • This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors, and self-employed persons), private non-profit organization, or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
  • Offers loans up to $10 million, and terms up to 10 years.
  • This loan has a maturity of 2 years and an interest rate of 1%.
  • Loan payments will be deferred for six months.
  • SBA will forgive loans if all employees are kept on the payroll for eight weeks, and the money is used for payroll, rent, mortgage interest, or utilities.
  • PPP has a stripped-down application process for faster funding.
  • You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
  • Lenders can begin processing loans on April 3, 2020, through June 30, 2020.

Additional Benefits Available Via the CARES Act

The SBA’s Economic Injury Disaster Loans (EDILs) are the first line of support in the event of a disaster. The CARES Act has deemed the COVID-19 pandemic qualifies under this loan program.

Businesses in every U.S. state and territory are eligible to apply for EDILs, with terms the following:

  • Loans up to $2 million
  • 30-year term
  • Interest rate of 3.75% for small businesses
  • First month’s payment deferral a full year from the date of the promissory note

Direct Payments

Taxpayers earning up to $75,000 can expect a one-time direct deposit of up to $1,200. Married couples with combined incomes up to $150,000 will receive $2,400, plus an additional $500 per child.

Unemployment Benefits

Extended unemployment offers workers an additional $600 per week for four months. Self-employed, independent contractors and gig economy workers are also included.

Oakmont Capital Helpful Resources

Although Oakmont Capital Services recommends that you work with your bank regarding applying for loans, should you have any questions or need advice, we encourage you to reach out to us! We will keep this resource updated as new information is released.

We ask that everyone stay home, stay safe, and stay well during this time!

Email Us

Call (877) 701-2391

Message Us

Oakmont Capital Services, LLC (Headquarters)
1398 Wilmington Pike, Suite 200
West Chester, PA 19382
Direct  (610) 892 8670
Toll-Free  (877) 701 2391
Fax  (800) 843 2948
info@oakmontfinance.com

CFLL #60DBO 91777

Oakmont Capital Services (Minnesota Offices)
131 8th Street South, Suite 1
Albany, MN 56307
Direct  (320) 844 8800
Toll-Free  (877) 701 2391
Fax  (800) 843 2948
info@oakmontfinance.com

CFLL #60DBO 93550

Questions?
Chat with us today!

Whether you're wondering about your rate options, term length, or types of collateral we finance, we're here to answer your questions.

Chat with us!

Contact Us

Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Donec velit neque, auctor sit amet aliquam vel, ullamcorper sit amet ligula.

info@diviaccountant.com

(235) 462-3512

1234 Divi St. #1000, San Francisco, CA 93215

M-F: 8am-5pm, S-S: Closed