CLB Network’s experienced crisis management team is closely monitoring the US threat of COVID-19 and the impact on your business, drawing on the firm’s capabilities in building management, insurance, finance, accounting, employment, corporate crisis management and other areas to provide critical guidance to our members in an urgent and quickly evolving situation.
For more thought leadership on this rapidly developing topic, please visit our COVID-19 resources page for luxury builders.
Am I eligible?
In our experience, independent luxury builders fall well within the business size standards from the Small Business Administration's "standard size" requirements based on number of employees or annual receipts. In addition, your business must have been "substantially affected by COVID-19" which includes supply disruptions, staffing challenges, decrease in sales, and/or shuttered business. Use the form above to submit your business for CLB's expert team to review and give you specific estimates and recommendations.
How much can I qualify for?
Under the SBA program you can borrow up to 2.5 times your monthly average payroll payments from 2019, up to a maximum $10M. In other words, about the equivalent of 10 weeks of your payroll expenses.
What is the loan duration and rates?
The maximum maturity of the loans is 10 years, and there are no prepayment penalties.
What expenses are eligible for loan forgiveness?
Allowable uses include: payroll support (including paid sick, medical, or family leave and costs related to the continuation of group health care and retirement benefits during those periods of leave), salaries (up to $100k/ea), mortgage payments, rent, utilities, and other interest of debt obligations.
Are the loans taxable?
No, cancelled loans will be excluded from gross income.
What are the basic details?