Last night the CARES Act was approved 96-0 in the Senate. It now moves to the House, and we expect it to pass there no later than Friday. Then, the largest piece of legislation in US history will be signed into law by the President.
For Maine’s hospitality industry the most important part is the $377 billion small business recovery portion co-authored by Senator Susan Collins, with a great deal of input from HospitalityMaine and our members. Below we have listed the key elements for you to know now. Please understand this still could change (you can never totally predict Washington politics) but I believe it is right at the goal line.
We will have more detailed guidance very soon, but right now we suggest that you speak with your banker as soon as possible and specifically ask if your bank is qualified by the Small Business Administration (SBA) to originate Section 7a loans. Most are, but if they are not, you should consider finding another bank that can assist you with the CARES Act financing.