New SBA loan "Paycheck Protection Program" will be administered by the SBA through local banks.
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To our valued clients,

President Trump on Friday signed the $2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act into law providing an unprecedented level of emergency assistance for individuals, families, and businesses affected by the coronavirus.

While the act includes many tax provisions which we will provide information about in the coming days, the intent of this message is to alert you regarding a new loan provision.

The legislation includes a new loan program, the “Paycheck Protection Program, which will be administered by the SBA through our local banks. The program provides up to $349 billion in loans to eligible entities with such loans being subject to forgiveness under certain circumstances.  Click on the link above to see the overview page of the program.  We urge you to immediately contact your local bank about this loan program as backlog is anticipated.  If your bank doesn’t participate in the program, we would be happy to refer you to a participating bank in the area to assist.

We are here to help you understand the details, assistance with preparing loan application documents & determine the best utilization of this opportunity.

Please call your trusted Machen McChesney advisor if you have any questions.

Best Regards,

Martin D. Williams, CPA,
Managing Partner
Machen McChesney, LLP


Montgomery: 1761 Taliaferro Trail | Montgomery AL 36117

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