Garmin Dirty Kanza Rescheduled to September 10-13

Life Time, the nation’s premier healthy lifestyle brand which owns and produces the Garmin Dirty Kanza, today announced that the event, notably known as the “World Series of Gravel”, will be rescheduled from May 29-31 to September 10-13 in light of the current COVID-19 pandemic and in an effort to provide a safe event experience for all. The Dirty Kanza team announced the news during a live Zoom video conference on Facebook Live. 

In the video, Jim Cummins, Dirty Kanza co-founder and Chief Gravel Officer at Life Time, said, “We’ve been working very hard to look at what the current world situation is going to mean for Dirty Kanza 2020 with the health and safety of our participants, local community, emergency responders and everybody who is touched by Dirty Kanza in mind. At the end of the day, we didn’t feel it was appropriate to hold Dirty Kanza on our original date. We’re very excited to announce the rescheduled date and feel that the September 10 – 13 weekend is going to bring an amazing experience. ”

As the impact of COVID-19 continues to evolve, Life Time remains steadfast in its commitment to positively support the Emporia community and participating athletes. Cyclists will be able to choose from three options: they may keep their current entry and participate in the rescheduled event in September, defer their current entry to the 2021 event with a waived deferral fee, or receive a refund for their 2020 entry.

“We know that our athletes have trained hard for Dirty Kanza, so we wanted to maintain the event on our 2020 calendar,” says Kimo Seymour, president of Life Time Events and Media. “In choosing the rescheduled date, we applied careful consideration to avoid interfering with other scheduled races. While delayed from our typical timing, we believe this new date will allow athletes, promoters, sponsors and partners to come together for a fantastic event. Working together will be vital to ensure the health of our cycling community both on and off the bike.”

The full announcement video can be viewed HERE. For more information, visit https://dirtykanza.com/.  

The Garmin Dirty Kanza is owned and produced by Life Time, the premier healthy lifestyle brand. It is among more than 30 premier athletic events owned and produced by the company across the nation, which also operates more than 150 athletic resort and spas in the U.S. and Canada. Life Time strives to produce exceptional event experiences for both participants and spectators as an extension of its Healthy Way of Life philosophy.

About Life Time®, Inc.  

As a wellness pioneer, Life Time is reshaping the way consumers approach their health by integrating where we play, work and live – all with the primary objective of helping people lead healthy, happy lives. With more than 150 destinations in 41 major markets across the U.S. and Canada, Life Time operates luxury athletic resorts, owns and produces iconic athletic events and is expanding its brand though Life Time Work premium coworking spaces and Life Time Living high-end leased residences. For more information visit lifetime.life. 

 

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Black Diamond Equipment Introduces the #7 and #8 Camalot C4

Built to tame the monster, the new #7 and #8 complete the extension of BD’s indelible Camalot line.

Following up on the successful launch of the #21 Camalot™ C4, Black Diamond Equipment®, a global innovator in climbing, skiing, mountain sports equipment and apparel, today announced it will be adding the #7 and #8 Camalot C4s to its Spring 2020 climbing collection. Both Camalots are now available at blackdiamondequipment.com.

“We wanted to give climbers fully certified cams in this size range,” says Jeremy Steck, Black Diamond Equipment’s lead design engineer of the project. “We also wanted to provide cams of this size that have been put through the paces in terms of product development and field testing as well as inline production quality measures.”

The current, redesigned Camalot C4 is now 10% lighter, eclipsing Black Diamond’s classic, cornerstone cams, and featuring a more modern design that gives climbers everything they love about the old Camalots but adds new touch-points like a wider trigger for easier handling, and innovative trigger keeper for compact racking with sizes #4, #5, #6, #7 and #8.

Other features include:

  • Innovative trigger keeper for compact racking
  • Sling is updated visually for easier differentiation when racking
  • Double-axle design offers the widest range ever invented
  • C-Loop continuous cable stem design is strong and durable
  • Color-coded for easy identification
  • LiteWire Rackpack available for easy racking

For additional product information and details on purchasing the new Black Diamond #7 or #8 Camalot C4 please visit: https://www.blackdiamondequipment.com/en_US/7-8-camalot.html

Black Diamond is also offering a comfy, limited-edition TAME THE MONSTER cotton T-shirt paying homage to the biggest Camalots ever made. For the month of April, all net proceeds of this T-shirt and #7 or #8 Camalots will be donated to the Access Fund, a non-profit with a mission to keep climbing areas open and conserve the climbing environment.

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About Black Diamond Equipment

Black Diamond Equipment is a manufacturer of equipment and clothing for climbing, skiing and mountain sports. By consistently building innovative, standard-setting products and actively preserving the mountain/canyon environment, Black Diamond Equipment has assumed a leadership role in the international outdoor community. For more information on Black Diamond Equipment, visit www.blackdiamondequipment.com

 

Simms’ Wader Makers Step Into Medical Supply Production Aid in Response to Coronavirus Shortages

BOZEMAN, Mont. (April 3, 2020) Simms Fishing Products, the preeminent manufacturer of waders, outerwear, footwear, and technical apparel in fishing, went into production this week on much needed medical gowns for the nearby Bozeman Health Medical Group. Simms’ Bozeman wader manufacturing facility has the capital resources, equipment and technical capabilities to help supply the increasing demand for such products.

 

As soon as the coronavirus pandemic began to escalate in the U.S., members from Simms’ leadership team partnered with Bozeman Health Group to identify opportunities for Simms to help. With many other local businesses and individuals already hard at work producing masks, Simms shifted its focus to design, develop, and begin manufacturing medical gowns for hospital personnel and staff.

 

“It’s been absolutely amazing to see so many companies, small business owners and individuals rise to the occasion and pitch in to help our local community here in Bozeman,” said Fred Dennis, Simms Senior Director of Apparel Design and Development. “The gowns we are producing truly fall into our core-competency. We have the material, equipment and an expert team of sewers ready and willing to make the gowns.”

Simms’ product team completed an inventory of on-site fabric and identified a technical 3-layer waterproof, breathable material that meets the requirements agreed upon with hospital officials. With the fabric on hand, Simms was able to produce and deliver gowns to Bozeman Health Group the same week they began production. Simms anticipates additional demand for protective gowns from other medical providers and is actively communicating their capabilities in an effort to maximize their impact.

Simms is taking every precaution necessary to ensure a production environment that follows CDC guidelines in order to keep its staff safe. Sewing machines have been spaced farther apart, the factory is being thoroughly cleaned on a daily basis and tools and equipment are being disinfected between every shift.

“In order to combat the shortage of protective gowns, it is critical for our brand to play a part in assisting the American people during this difficult time,” said Casey Sheahan, Simms CEO. “It’s been so inspiring to see all the brands in the outdoor industry repurposing their facilities, equipment, and skills to help those in need. We are thrilled to deliver the first run of gowns to the Bozeman Health Group and hope our efforts of support can extend beyond our local community to help others around the entire country.”

 

Images: https://www.dropbox.com/sh/hytgj5aoz4amh3t/AAAsND2hH1PJ810U_Ti36VwXa?dl=0

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About Simms Fishing Products: Established in 1980, Simms is the preeminent manufacturer of waders, outerwear and technical fishing apparel and accessories. Simms’ 80,000 square foot facility in Bozeman is the country’s only manufacturing facility for fishing waders. The full line of Simms gear is available at specialty and large format retailers across North America as well as www.simmsfishing.com.

Vista Outdoor to Support Expanded List of Non-Profit Organizations

Company focused on outdoor organizations who play key roles in
outdoor access, post-COVID-19 transition

Anoka, Minnesota, April 02, 2020 –Vista Outdoor Inc. (NYSE: VSTO) a global designer, manufacturer and marketer of products in the outdoor sports and recreation markets, is expanding the list of non-profit organizations it will support. The company has identified six new veteran- and youth-focused organizations whose missions are focused on exploring, growing and healing in the outdoors. With a mission to “Bring the World Outside,” Vista Outdoor aligns its employees, values and brands to make outdoor experiences more accessible and enjoyable. Vista Outdoor’s corporate social responsibility program emphasizes action and impact in the following areas: People, Conservation, Veterans and local Communities.

The six organizations include Big City Mountaineers, the Outdoor Foundation, Trail Blazers, Blue Star Families, House in the Woods and Warrior Bonfire. Each organization has a unique mission to serve military families, veterans, and youth groups through outdoor access, experiences and engagement.

“Our new partners in the non-profit sector play a vital role in advancing outdoor missions and causes. It’s critical that these organizations receive support and continue their missions during the current state of national crisis. Our country and the outdoor community is strong and will recover, and these organizations will play a major role in getting us back to normal – and back to nature,” said Fred Ferguson, Vice President of Public Affairs and Communications for Vista Outdoor.

A detailed summary of each organization is listed below, along with links to their websites.

Big City Mountaineers provides under-resourced youth with opportunities to get out of their comfort zones and into the wild. There, Big City Mountaineers believes youth can develop confidence for more promising futures. Big City Mountaineers programs focus on improving self-esteem, sense of responsibility, group communication and decision-making skills. Discover more on their website.

Blue Star Families is a national nonprofit organization dedicated to strengthening America’s military families through community building. The organization helps military families overcome the isolation, frequent moves, deployments, and reduced support from the government. For more on Blue Star Families, check out their website.

House in the Woods brings together active military, veterans, and their family members to relax, share, bond, and deal with lingering stress and grief while enjoying outdoor recreation activities, hunting, fishing, nature tours, campfires, and wildlife spotting. Participants face outdoor challenges while sharing laughter, memories, sorrow, service, pride and other common bonds. To learn more about House in the Woods, visit their website.

Outdoor Foundation, a Foundation of the Outdoor Industry Association, connects kids and families to research, knowledge, people and programs to inspire them to get outside. For more, see their website.

Trail Blazers works to develop values and life skills in our youth through outdoor experiments, social-emotional learning and leadership development programs. For more on the development they do for our youth, visit their website.

Warrior Bonfire strives to improve the lives of Purple Heart recipients on their journey of recovery and healing. The organization creates activity-based, stress-free environments to promote camaraderie and therapeutic healing. For more on Warrior Bonfire, see their website.

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Vista Outdoor and its brands support additional non-profit organizations through local partnerships or brand-level support. For more information on these organizations, please visit www.vistaoutdoor.com/social-responsibility-2/

About Vista Outdoor Inc.

Vista Outdoor is a global designer, manufacturer and marketer of consumer products in the outdoor sports and recreation markets. The company has a portfolio of well-recognized brands that provide consumers with a wide range of performance-driven, high-quality and innovative products for individual outdoor recreational pursuits. Vista Outdoor products are sold direct and at leading retailers and distributors worldwide. For news and information, visit their website, follow them on Twitter or like them on Facebook.

Clean Cookstoves Save Lives in New Short Video from Himalayan Stove Project

Himalayan Stove Project (HSP) is thrilled to announce the release of its newest short video, “What is Himalayan Stove Project,” depicting the impact and need of its organizational mission. The familiar voice of Mandy Stapleford of “Good News Good Planet,” narrates the 2 minute and 20 second video, filled with beautiful shots of Nepal from a recent delivery mission, and its people, discussing the need for sustainable cookstoves and the change they’ve seen after receiving one.

As the video explains, thousands of families throughout Nepal suffer from avoidable illnesses each year, some of which prove fatal, all because of the highly polluting, inefficient cooking and heating sources they currently use. These conditions disproportionally impact women and youth, whom tragically bear the brunt of the millions of premature deaths and illnesses.  

These sustainable cookstoves transform lives by lowering levels of damaging indoor air pollution by reducing smoke and harmful gasses by up to 90%, also reducing the amount of particulate matter contributing to climate change. Additionally, the stoves greatly reduce the amount of fuel use by up to 75% which means less time needed to gather biomass, a daunting and dangerous task for women and children.

Since 2012, HSP has worked with Nepali partners to deliver nearly 6,000 environmentally friendly, fuel efficient cookstoves with the belief that our homes should be a place of comfort and safety. One of these longtime partners is Kahtoola, who helped sponsor the creation of this video. Kahtoola Founder, Danny Giovale states, “For 20 years, Kahtoola has kept our commitment to being a responsible business by giving back to inspiring cultures and people we share this planet with. HSP has a focused and effective strategy that truly improves the lives of so many by providing these well-designed stoves. They are having a significant impact on these Nepali families and make it easy to join them in their efforts. We are humbled by their work and so happy to be a part of their support system.”

For more information regarding the Himalayan Stove Project, please visit https://himalayanstoveproject.org or contact Pam Miller at pam@himalayanstoveproject.org.

About Himalayan Stove Project:

HSP is a humanitarian & philanthropic non-profit, dedicated to preserving the Himalayan environment and improving the health of the people living in the trans-Himalayan region. We purchase clean-burning, fuel efficient cookstoves and distribute them to families currently cooking on traditional stoves or over open-fire pits that require excessive amounts of precious fuel and pollute the indoor air to dangerously unhealthy levels. Replacing these stoves with our donated, fuel efficient, stoves greatly reduces carbon emissions, fuel-need and indoor air pollution For more information, please visit HimalyanStoveProject.org.

About Kahtoola:

Since 1999, Kahtoola has been creating reliable gear that makes the outdoors more accessible and rewarding. Kahtoola’s flexible footwear traction systems, including MICROspikes® and NANOspikes®, are built to improve safety and performance in wintry locales around the globe. Every product from hiking crampons to running gaiters are thoughtfully designed and vigorously tested at the brand’s Flagstaff, AZ headquarters high on the Colorado Plateau. Owned and operated by founder Danny Giovale, Kahtoola proudly grants 1% of annual sales to fund projects that support indigenous cultures and improve communities, healthcare, education, resources and the environment. For more information, please visit Kahtoola.com.

Cascade Designs, Inc. Converts Seattle Factory to Manufacture Personal Protective Medical Masks

The outdoor company will manufacture up to 20,000 Level 1 medical masks a day to support the medical community during the COVID-19 crisis.

SEATTLE, Wash. (April 2, 2020) Cascade Designs, Inc. (CDI), parent company of renowned outdoor brands Mountain Safety Research, Therm-a-Rest, Platypus, PackTowl and SealLine, has transitioned its Seattle based factory to manufacture ASTM Level 1 medical masks. The facility will manufacture up to 20,000 medical masks daily to help keep healthcare workers safe during the COVID-19 crisis.

Production started on March 31, at which time the company was making more than 1,000 masks per day. Once in full production, CDI will be manufacturing up to 20,000 masks per day. The company is in a unique position to respond quickly to the growing demand for Personal Protective Equipment (PPE) because of its onshore manufacturing facility and experienced team of sewers. The facility will be manufacturing ASTM Level 1 medical masks, which provide basic bacterial filtration and sub-micron particulate protection for general medical use. 

Doug Sanders, Vice President of Medical and Military at CDI, has been leading this effort. “Cascade Designs has been manufacturing quality outdoor gear in its Seattle factory for more than 50 years,” says Sanders. “Our team is experienced and fully committed to supporting the medical community – the doctors, nurses, health-care workers and first responders – that need personal protective equipment to safely and effectively care for their patients.”

The masks are being made in partnership with Kaas Tailored, who are working with partners across the country to make 100 million face masks in response to the COVID-19 crisis. Kaas provides the materials and distributes the masks, while CDI employs its team of 44 highly skilled sewers to stitch each individual mask. The masks will be distributed to 51 hospitals in the Providence network. 

About Cascade Designs, Inc. 

Cascade Designs, Inc. began over 40 years ago with the simple idea of providing a more comfortable night outdoors. Since then, we have grown to become the parent company of some of the most respected brands in the outdoor industry. Though much has changed with this success, our recipe for achieving it has not. We believe that manufacturing the majority of our gear in our U.S. and European facilities is an essential element in maintaining quality, and that by striving to exceed our customers’ expectations of service, we will be successful for many years to come.

Black Diamond Equipment Introduces the #21 Camalot C4 and Tames the Monster, Inspired by Alex Honnold

Black Diamond Equipment®, a global innovator in climbing, skiing, mountain sports equipment and apparel, today announced it will be adding the world’s largest Camalot, the #21 Camalot C4, to its Spring 2020 climbing collection targeted for early release this summer.

“Many of the most classic routes in the world, like the Freerider (VI 5.13a) on El Cap, or great desert towers have heinous wide pitches guarding the summit,” says Black Diamond athlete Alex Honnold. “I wanted to find a way to make chimneys and wide cracks a little more mellow. Luckily I knew just the folks to talk to.”

In a move to address offwidth climbing, one of the fastest growing segments of the sport, Black Diamond expects the #21 Camalot C4 to accelerate its current market opportunity. The product will appeal to all climbers who want to transition into the style of offwidth climbing but desire an added safety margin.

“When Honnold has a problem, we solve it,” says Kolin Powick, climbing category director for Black Diamond.

By re-engineering the traditional lobes of a Camalot, Black Diamond’s engineering team was able to create a cam that not only could protect a chimney pitch but would also be light enough to carry on a rack.

“The spacing and the diameter of the axles was a challenge, as well as ensuring the stem tube was stiff enough to withstand the increased head weight of the monster cam,” explains Powick. “This was accomplished via FEA (finite element analysis) 3D printing samples, and iterative field testing.”

By re-engineering the lobes of a traditional Camalot, Black Diamond was able to expand the range exponentially to create the ultimate wide-sending machine. The #21 Camalot C4 combines its enormous size with a manageable weight, giving one the confidence needed to rack this bad boy no matter how long the approach. Plus, the final touch is the #21’s innovative trigger keeper technology, which holds the cam in a retracted position when racked. And when the cracks get wide, simply whip it out, squeeze the trigger and BOOM … it’s time to tame the monster.

The #21 Camalot C4’s features include:

  • Innovative trigger keeper for compact racking
  • Sling is updated visually for easier differentiation when racking
  • Double-axle design offers the widest range ever invented
  • C-Loop continuous cable stem design is strong and durable
  • Color-coded for easy identification
  • LiteWire Rackpack available for easy racking

Now, armed with a gold #21 Camalot C4, there’s nothing BD athlete Alex Honnold can’t protect. For product information and details on purchasing a Black Diamond #21 Camalot C4 in advance of its scheduled Spring 2020 release, please visit: https://www.blackdiamondequipment.com/en_US/21-camalot.html

In addition to launching the #21 Camalot C4, Black Diamond is offering a limited-edition comfy cotton tee built to TAME THE MONSTER and pay homage to the biggest Camalot ever made. Black Diamond will donate its net proceeds from April sales of its giant cams and tees in support of the Access Fund.    

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About Black Diamond Equipment

Black Diamond Equipment is a manufacturer of equipment and clothing for climbing, skiing and mountain sports. By consistently building innovative, standard-setting products and actively preserving the mountain/canyon environment, Black Diamond Equipment has assumed a leadership role in the international outdoor community. For more information on Black Diamond Equipment, visit www.blackdiamondequipment.com

Body Glove Launches Tati West Eco-Collection, Its First Recycled Swimwear Collection

Body Glove introduces Tati West Eco-Collection, a new eco-friendly swimwear collection designed in collaboration with professional surfer and 2021 Olympic qualifier, Tatiana Weston-Webb. The recycled polyester collection consists of bikinis, one-pieces and cross-over activewear, including leggings, shorts and sports bras that can be worn in and out of the water. Every piece in the Tati West Eco-Collection is made using recycled polyester for attractive, supportive and eco-conscious swimwear.
 
“Tatiana is an invaluable part of the Body Glove family and we could not be prouder of all she has and will accomplish this year. The Tati West Eco-Collection is our second collaboration with Tati and her experience and knowledge of swimwear really stands out in this collection,” says Peter Maule, senior vice president of sports and active at Body Glove parent company, Marquee Brands. “From the ribbed fabric in the swimwear to the performance-focused designs, this collection offers consumers practical, fashion-forward and responsibly-sourced swimwear in one package.”
 
The Tati West Eco-Collection features a combination of classic bikini shapes and modern silhouettes designed to stay on during watersport activities. The solid, spice color is a flattering, rich tone that pairs well with the tropical print for a mix and matched look, if desired. From comfortable and secure two-piece styles to UPF 50 paddle suits and rash guards, the Tati West Eco-Collection has all the go-to pieces for a day by the water.
 
“2020 is shaping up to be a super exciting year for me both personally and professionally. Body Glove is an incredibly supportive partner and I love working with them as both an athlete and designer. This is my second eco-friendly collaboration with Body Glove, and I am really excited with how it turned out,” says Tatiana Weston-Webb, professional surfer and Body Glove athlete. “The swimwear and cross-over pieces that I selected for this collection are not only in line with my style, but I trust them to stay on and perform while I’m training. Trusting my suits is crucial for me, especially as I continue training ahead of the Olympics next year.”
 
Customers can purchase the line online at www.bodyglove.com. For more information about Body Glove, email Account Manager Katie Hostetler at katie.hostetler@rygr.us.
 
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About Tatiana Weston-Webb
Based in the island of Kauai, Tatiana Weston-Webb is a Brazil-born, Hawaii-raised goofy-footer who has been a force on the women’s Championship Tour since she was named Rookie of the Year in 2015. As the current number six female surfer in the world, Weston-Webb has now provisionally qualified to represent Brazil at the Tokyo 2021 Summer Olympic Games, where surfing will be included for the first time in Olympic history.
 
About Body Glove
Since 1953, Body Glove has been all about the water. Body Glove has established itself as the leading watersports brand in the world by providing innovative, high quality products that protect people and enhance their lives, in and out of the water. Body Glove aims to protect the environment through product manufacturing as well as through the organizations that they support. Learn more at www.bodyglove.com.

Osprey’s Pack Repair Team Transitions to Sew Fabric Masks for Healthcare Workers During COVID-19 Pandemic

Osprey, the leader in creating top-quality, high-performance, innovative carry solutions, announced today that their Cortez, Colorado-based warranty and repair team will now work exclusively to sew fabric masks for healthcare workers and front-line responders in and around Cortez, CO. The masks are being distributed to Southwest Memorial Hospital as well as the local health department that supplies home health care and nursing homes in the area.

“In this unprecedented time, I am inspired by our team’s response,” said Layne Rigney, President of Osprey Packs. “While our product team is committed to developing future season’s products, our repair team is mobilizing all of their efforts to support our regional healthcare workers. The repair team is giving our entire company something to be proud of and we hope this inspires others with available resources to take similar action.”

Osprey’s warranty and repair team will be able to produce approximately 100 fabric masks per day by the end of the week. The masks, made out of durable fabrics to sustain multiple wash cycles, can be worn over the N95 medical-grade mask.

Osprey is coordinating with the office of Colorado Governor Jared Polis in their efforts. Once the needs in and around Cortez are met, Osprey will expand the distribution of masks to additional Colorado healthcare facilities and will continue mask production for as long as needed.

About Osprey

Founded in 1974 and based in Cortez, Colorado, in the foothills of the San Juan Mountains, Osprey designs the highest performing and longest lasting carry solutions on the market including technical packs for outdoor, travel and everyday adventures.

In addition to creating top-quality packs, the Osprey team is focused on becoming the most progressive, transparent and sustainable hardgoods brand in the world. From raw materials and chemistry benchmarks to progressive factory code of conduct agreements and programs that extend a product’s end of life, Osprey is taking a truly holistic approach and looking at every aspect of their business to ensure they leave as little trace possible. Osprey’s dedication to create innovative, high performance, sustainable gear reflects the brand’s love of adventure, devotion to the outdoors and steadfast resolve to leave the world better than they found it.

To learn more about Osprey and its products backed by their industry leading All Mighty Guarantee, visit osprey.com. Osprey products can be found online at osprey.com and in specialty retailers in over 60 countries worldwide. Follow all brand updates on Instagram (@ospreypacks), Facebook (@ospreypacks) and Twitter (@ospreypacks).

With $349 Billion in Emergency Small Business Capital Cleared, SBA and Treasury Begin Unprecedented Public-Private Mobilization Effort to Distribute Funds

WASHINGTON – Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin today announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.

The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.

“This unprecedented public-private partnership is going to assist small businesses with accessing capital quickly. Our goal is to position lenders as the single point-of-contact for small businesses – the application, loan processing, and disbursement of funds will all be administered at the community level,” said Administrator Carranza. “Speed is the operative word; applications for the emergency capital can begin as early as this week, with lenders using their own systems and processes to make these loans. We remain committed to supporting our nation’s more than 30 million small businesses and their employees, so that they can continue to be the fuel for our nation’s economic engine.”

“This legislation provides small business job retention loans to provide eight weeks of payroll and certain overhead to keep workers employed,” said Secretary Mnuchin. “Treasury and the Small Business Administration expect to have this program up and running by April 3rd so that businesses can go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day. The loans will be forgiven as long as the funds are used to keep employees on the payroll and for certain other expenses.”

The new loan program will help small businesses with their payroll and other business operating expenses. It will provide critical capital to businesses without collateral requirements, personal guarantees, or SBA fees – all with a 100% guarantee from SBA. All loan payments will be deferred for six months. Most importantly, the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest.

The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program.

  • The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.

Loan Terms & Conditions

  • Eligible businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
  • Maximum loan amount up to $10 million
  • Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
  • All loans under this program will have the following identical features:
    • Interest rate of 0.5%
    • Maturity of 2 years
    • First payment deferred for six months
    • 100% guarantee by SBA
    • No collateral
    • No personal guarantees
    • No borrower or lender fees payable to SBA

SBA’s announcement comes on the heels of a series of steps taken by the Agency since the President’s Emergency Declaration to expeditiously provide capital to financially distressed businesses affected by the Coronavirus (COVID-19) pandemic. Since March 17, SBA has taken the following steps:

Visit SBA.gov/Coronavirus for more information on SBA’s assistance to small businesses.

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