We understand that being a business owner during this pandemic puts people in huge financial concern. With more than 90% of the country under a stay-at-home order, the loss for small and big businesses is unprecedented, as is the number of people filing for unemployment. To help you along in getting you through this crucial time, we are going to provide you with the latest programs, loans, forms and links you’ll need to get the assistance that is available to you.
Payroll Protection Program
"The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through August 7, 2020." -Refrenced from SBA.gov where you can get any further information.
Paycheck Protection Program Application Form - SBA Form 2483
Economic Injury Disaster Loan Emergency Advance
"The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic. This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19. Businesses in certain industries may have more than 500 employees if they meet the SBA's size standards for those industries. The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid." -Refrenced from SBA.gov where you can get any further information.
To apply for a COVID-19 Economic Injury Disaster Loan and loan advance, click here.
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 quickly. 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. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan."
Personal Financial Statement - SBA Form 413D
Instructions for Schedule of Liabilities - SBA Form 2202
Advance Payment of Employer Credits Due to Covid-19 - IRS Form 7200
If you would like our office to apply for the loans for you, please utilize our contact form and we will get back to you in a timely manner. We are offering the service at a cost, and we will provide you with the information once you contact us. Thank you!