Covid 19 and YOUR Business
The SBA has set up multiple new programs and options for businesses impacted by the Covid 19 pandemic. The first was the Economic Injury Disaster Loan program, or EIDL. The second program, signed into law as part of the Cares Act, is the Paycheck Protection Program.
The first program released was the Economic Injury Disaster Loan program, or EIDL. This program is run entirely by the SBA at sba.gov. We recommend that all small businesses apply for this loan, as doing so also applies you for an EIDL grant of up to $10,000. These grants are direct deposited into your checking account to speed access, and will not need to be paid back. For complete information on the EIDL program visit the SBA website.
The second program released, the Paycheck Protection Program, is set to begin enrolling on 4-3-2020. The PPP is available to all businesses, non profits, and veteran's organizations with under 500 employees. Self employed individuals and independent contractors are also eligible to apply. These loans have extremely low interest rates, and if you meet certain criteria they may not have to be paid back.
You may use your local SBA provider for enrolling in PPP, but we recommend using a lender who specializes in SBA loans, not dealing with typical banking needs. We have a number of such lenders, and would be happy to be your guide during these difficult times. Call NOW for more information!
For a PDF file of the SBA guidleines, click the link to go to our Articles and Forms page.