Financial Tech company StreetShares introduced a free Business Relief Calculator to help small business owners determine their eligibility for the new Paycheck Protection Program in the CARES Act of 2020. The CARES Act provides aid and economic stimulus to individuals, families, and businesses impacted by COVID19 that includes: low interest loans up to $10 million, loan payment deferment for 6 months, and 00% loan forgiveness on funds used for qualified purposes such as payroll.
“Business owners simply want to know ‘do I qualify and for how much?'” StreetShares CEO Mark L. Rockefeller said, discussing the Business Relief Calculator on Fox Business Channel’s Varney & Co. this week.
Since its launch just a few days ago the Relief Calculator has had 40,000 visitors with over 9,000 small businesses or self-employed individuals deemed eligible for over $2 billion in federal aid. Each small business faces many hard financial decisions over the coming months, the pre-qualification in tandem with the financial advice of those they trust may move them forward more quickly in obtaining final application approval.
StreetShares, founded by military veterans Mark L. Rockefeller and Mickey Konson, is an award-winning industry leader in small business lending technology that outset focused on veterans, but now includes clients such as banks, credit unions, and alternative lenders that use StreetShares technology to make small business loans. Those customers will now also have access to the Business Relief Calculator.
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