COVID-19 Relief For Business

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.

During this unprecedented time of disruption and uncertainty, it’s important to stay updated on the help available to you. As you may already know, the Federal Government released stimulus funds to help businesses mitigate the negative impact of the pandemic. I encourage you to explore all the options and educate yourself so you can decide IF these are viable options for you and WHICH one is best for your unique situation. These are the programs available. Here is the website where all the details are. https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

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.

https://www.sba.gov/funding-programs/loans/paycheck-protection-program

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

Economic Injury Disaster Loans and Loan Advance – To apply for a COVID-19 Economic Injury Disaster Loan, In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. https://covid19relief.sba.gov/

SBA Express Bridge Loans- Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. https://www.sba.gov/document/support–express-bridge-loan-pilot-program-guide

Additionally, the SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis.

Under this program:

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.

Remember, we are alone together. We will all get through this very difficult time; stronger, better and more prosperous.

Stay safe, stay healthy and please stay home.

God Bless,

Lisa

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