Back in February, the economic stimulus bill included provisions for the Small Business Administration (SBA) to offer loans to…small businesses. However, as is usual with such ventures, the devil has been in the details. CNN Money reports on the SBA funding for small business:

The SBA has been working since then to pull together guidance for the new program, which will back short-term loans of up to $35,000 that business owners can use to temporarily cover their payments on existing debt. No repayment on the ARC loans will be due for 12 months, and owners will have up to five years to repay them.

The good news, though, is that the SBA plans to be ready to release guidance next month, on Jun 8. The SBA feels it will be ready to accept loan packages by June 15. If you have a small business, and would like help covering your payments, you will actually have to approach your lender. The SBA will guarantee these special loans, called ARC loans, 100%.