SBA Loans During COVID-19
For your business, the CARES Act provides financial assistance to small businesses like yours. Anxiety is in the air, as aid programs are running out of cash. Rules are changing and being issued. You need to act, and not wait on this.
As we all struggle to keep people on the payroll, the SBA, the Small Business Administration, offers the following loans.
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
I write this on April 15th—Tax Day.
As a small business owner, it’s important to get professional advise–and there’s not much happening in this regard.
Talk to your accountant, the people who provide tax preparation for you, or even your lawyer. Penalties for abusing this funding requires some due diligence.
Coronavirus Funding Options
Click here to learn more about available SBA loan and debt relief options.
Our nation’s small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses.
EIDL Loan Advance
Take advantage of this Economic Injury Disaster Loan Emergency Advance and keep your business in business. Our firm lost clients at the onset of the Corona Virus crisis. From events that had to be cancelled or rescheduled to clients who went into recession-mode—this EIDL loan is a no-brainer for most of us.
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. In theory, they can provide funds in 3 days. Find out if you’re eligible—and ask your financial and legal professionals for help.
Learn more at SBA.GOV
Paycheck Protection Program
The Paycheck Protection Program (PPP) is intended to help keep your people employed. This loan program provides loan forgiveness for keeping staff by temporarily expanding traditional SBA loan programs.
Rules are changing and cash is being used up. We recommend you work with your accountant or tax planning firm to file this one. Penalties for abusing this look to be severe.
Learn more at SBA.GOV
SBA Express Bridge Loans
If you already have a relationship with SBA, this might be a resource, or lender of last resort. Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
Learn more at SBA.GOV
SBA Debt Relief
Serious debt relief possibilities for those of you with an SBA loan. The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
Learn more at SBA.GOV
DISCLAIMER:
We’re not tax professionals. We’re trying to spread the good word, that there is help our there. Do your homework and work with professionals.
For all of SBA’s relief options for your business, click here.