Small Business Assistance from Covid-19
Are you a small business that needs assistance due to the novel coronovirus (aka Covid-19)? On March 27, 2020 President Donald Trump signed the CARES Act providing $376 billion worth of relief to small business owners. All information is taken from the SBA.gov website. There are three types of assistance:
- Paycheck Protection Program. If small businesses keep employees on the payroll for at least eight weeks and use the money for utilities, rent, mortgage, or payroll, then the SBA will forgive the loan if you meet the criteria. Click for more: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
- Economic Injury Disaster Loan Emergency Advance (EIDL). If you have less than 500 employees you may qualify for a $10,000 advance that the SBA would not require paid back if you meet the criteria. Click here for more: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance or click here to apply https://covid19relief.sba.gov/#/
- Small Business Express Loan. If you already have an SBA relationship, then you may qualify to access up to $25,000 loan and part or all of it may be repaid by the EIDL loan. For more information click https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans
- SBA Debt Relief. As taken from the SBA website,”As part of SBA’s debt relief efforts,
- The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
- The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.” Click for more information: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief
If you have questions about the coronovirus, please go to visit: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
These are challenging times for all of us, please feel free to call me with questions.
In addition, I would love to highlight your business for free, so please contact me to find out how.