To help small businesses through the uncertainty, the United States signed the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act, which includes $350 billion in loans for small and medium businesses. There are 30 million small businesses that need access to the resources made available in the CARES Act. Getting the approved loan funds into the hands of these business owners is a race against the clock.
As a lender to small businesses, it's imperative to process as many requests as possible and to move as fast as possible. The unpredictable business landscape and the availability of funds ensures that the loan process will be extremely competitive, so it's imperative to be an early mover in the filing process.