First and foremost, I hope you and your family are safe, well and staying healthy. We are some crazy times and we need to rely on eachother to get through. We are alone together.
The shelter in place and social distancing requirements has made it near impossible for some to keep their businesses functioning. It’s a scary time for many.
Paycheck Protection Program – Contact an SBA Lender. Contact your bank first, if they are not an SBA Lender, check with your local SBDC to refer you to one.
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
- If you haven’t filed your 2019 taxes, do so. While not a requirement, it makes the process easier.
- Make sure you are working with an SBA lender. Scammers will emerge in this and you need to protect yourself by verifying you are working through an SBA Lender. The Better Business Bureau has a great resource to track scams and report price gouging. https://www.bbb.org/
council/coronavirus/ Please stay informed!
- Talk to your bank first and find out if they are an SBA Lender.
- You will need your business and personal financial information and tax returns handy in the application process
- The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
- The SBA will pay the principal and interest of current 7(a) loans for a period of six months.