April 1, 2020
Dear Jetstream Dealer,
This follows up on my recent letter telling you about the U.S. Small Business Administration’s new Paycheck Protection Program, which was put in place as part of the CARES Act signed into law last week.
Highlights of the program, based on our current understanding, are:
- Loan applications for businesses and sole proprietors will be accepted beginning April 3, 2020;
- Loan applications for independent contractors and self-employed individuals will be accepted beginning April 10, 2020;
- The loan program will be available through June 30, 2020;
- You will need to contact your local bank to inquire into whether they are participating in the program. As of today, the SBA has not posted a list of participating lenders on its website.
- The interest rate is .5% per year;
- The loan maturity date is 2 years.
We will continue to monitor and provide updates on any significant developments.
Vice President, General Manager – Jetstream