SBA’s Economic Injury Disaster Loan Program
As we are all aware, small businesses across the country were shocked by the Coronavirus (COVID-19) and have lost significant amounts of revenue due to social distancing and/or local ordinances. Last week, President Trump signed the third and final economic stimulus package into law. The law is providing a $349 billion fund for federally-guaranteed loans for small businesses with less than 500 employees.
- Go to the SBA website to see if they qualify https://www.sba.gov/size-standards/
- If they qualify, then have the insured apply for COVID-19 Economic Injury Disaster Loan https://covid19relief.sba.gov/#/
- Businesses under 500 Employees are Eligible to Apply
- The Loan is Forgivable (limits up to 2.5x the business’s monthly payroll)
- Quarterly Payroll Cost for an Employee cannot be more than $33,333
- Includes all Operating Costs
- Personal Guarantees Have Been Waived to Expedite Loan Process
- More Details: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
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