Is your business struggling during the Corona Virus crisis?
For your practices and your clients, the CARES Act provides for assistance to small business. Anxiety abounds as programs running out of money, new rules are being issued and we’re all struggling to maintain our businesses—and keep employees and payroll during this unprecedented shut down of our economy.
The place to go for information is SBA.GOV
Interesting that I write this on April 15th—Tax Day. It’s not lost on us, as we address both our taxes, and our business works to survive the Corona Virus crisis.
As a small business owner myself, it’s important to get professional advise–and there’s not much happening in this regard. If your practice helps business make these decisions, you should be communicating that you can help.
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.
Coronavirus Funding Options
Our nation’s small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses.
Take advantage of this Economic Injury Disaster Loan Emergency Advance and keep your business in business. Our firm lost clients at the onset of the Corona Virus crisis, due to events that had to be cancelled.
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. In theory, they can provide funds in 3 days. Find out if you’re eligible—and ask your financial and legal professionals for help.
The Paycheck Protection Program (PPP) is intended to help you keep people employed. This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
Rules are changing and money supplies are dwindling. We recommend you work with your accountant or tax planning firm to file this one. Penalties for abusing this look to be severe.
Paycheck Protection Program of the CARES Act
Watch this informative webinar from InterActive Legal and its partners, presented on April 13, 2020.
If you already have a relationship with SBA, this might be a resource, or lender of last resort. Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
Serious debt relief possibilities for those of you with an SBA loan. The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
To learn more about the relief options available for your business, click here.