COVID-19 Relief INFO
help for small business
Get Financial Assistance and Information on COVID-19 Relief Funds
A time for action!
With everything going on in our country and the impact on your business from the pandemic, new laws have been enacted to assist you in remaining open and able to pay your employees. Below is a summary of two programs the SBA will be rolling out later this month.
Paycheck Protection Loan – Section 7(a) of SBA
The Small Business Administration (“SBA”) is offering loans under Section 7(a) of the Small Business Act known as the Paycheck Protection Program (“PPP”) with the following conditions:
➢ Maximum of $10,000,000 at 4% for a period not to exceed 10 years;
➢ Loan payment deferral offered between 6 – 12 months;
➢ Issued by banks, but guaranteed 100% by the SBA;
➢ Requires no personal guarantee, collateral, fees, or inability to obtain credit elsewhere.
This loan program is for small businesses, non-profits, and other organizations with no more than 500 employees (in the case of accommodation and food service businesses, limit is 500 per location). They are also available to certain sole proprietors, independent contractors, and self-employed individuals (partners). These loans are to assist small business during a covered period of February 15th to June 30th, 2020.
This program will be available through participating lending institutions and has been funded to $350 billion. You should contact your lending institution today and indicate your interest.
Economic Injury Disaster Loan (EIDL) – Section 7(b) of SBA
This loan is ONLY available through the SBA website:
This loan program is on a first come first served basis and is funded to $10 billion.
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Greg Hollibaugh CPA
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