Corona Virus Assistance Programs Below are a couple of programs might be of interest to you. If either of these programs sound like something you could qualify for, apply online through the URL listed, contact your CPA or both. More information is located in the “Library Section” in the Financial Folder (2020) and Titled SBA COVID-19. The two programs currently available are:
1. Emergency Injury Disaster Loan (EIDL) – This is a loan based on Gross Revenue. It is a 3.75% loan with 30 year terms. There is a Grant embedded in this loan of $10,000. Basically, when you apply for the loan, the Grant will be deposited into your bank account within three (3) days. The Grant does not have to be paid back, even if you don’t get the loan if it is used to pay employees, mortgage or lease payment, supply chain disruption and repaying other obligations. It has to be file for on-line (copy and paste the URL below if it does not execute): https://covid19relief.sba.gov/#
• You will get the $10,000 grant directly deposited into your bank account in approximately 3 days if eligible. You will need to keep detailed records of how you spend this money over the next 8 to 12 weeks. The SBA will then request those records and as long as you spent at least $10,000 on the allowable expenses, you can keep the $10,000 whether you are approved for the loan, or not.
• As for the loan, they are saying it is going to take approximately 30 days to process the application. They may or may not contact you for additional information and you may or may not be granted the loan.
2. Paycheck Protection Program (PPP) – This is a payroll-based loan only. Basically, the Government is loaning you money to cover payroll, rent & utilities. If at the end of 8 weeks from the start of the loan, you have paid out at least the amount of the loan in payroll, rent, and utilities, the loan will be forgiven. I have attached the application and the document requirements.
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