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We at Licensing Expo understand the federal shutdown of non-essential operations currently in place to combat the spread of COVID-19 has many businesses and individuals undergoing economic stress.
To simplify the process for those operating in the United States seeking financial support as our community navigates through these challenging times, we have developed an FAQ that breaks down the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL), provisions of the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act stimulus that lawmakers approved in March, as it relates to the licensing industry.
If interested, we urge you to act fast. The initial $360 billion allocated for small businesses was depleted in a matter of weeks, helping over 1.6 million businesses remain in operation. On April 23, 2020, the House of Representatives approved a bill to replenish the program with $484 billion – $310 billion of which is apportioned to support small businesses, broken down between two types of loans, PPP and EIDL.
We are dedicated to supporting our community through this challenging time; in addition to the FAQ, we will provide weekly updates in our Business Resource Center [LL1] highlighting developments pertaining to COVID-19 and economic relief, intended to help the licensing industry weather the pandemic.
Please note, we do not claim to be experts on the CARES Act; the FAQ was developed to the best of our ability with the resources available. We at the Global Licensing Group strongly urge all businesses and individuals interested in securing a loan as a part of the Paycheck Protection Plan (PPP) to consult our “Resource Center” found at the bottom of the FAQ to fully understand how a loan, if eligible, would impact your unique business.