Individuals and Small Business Owners review this comprehensive COVID-19 Resource Guide for financial assistance for individuals and business owners.
My personal recommendation for all business owners:
- Apply for the EIDL program to get in line for up to $10K “Grant.” Even if you don’t accept the application you may be able to keep these funds.
- If you carry significant payroll apply for the Paycheck Protection Program (PPP) Loan which is a component of the CARES Act. This loan can be “Forgivable” through payroll tax credits in the future.
- If you have an SBA loan and haven’t heard from your banker call them today to ensure you can get 6 months of “Loan Relief.”
Every owner’s situation is unique. Contact me if you would like help navigating your options. I can personally help if you are trying to apply for the EIDL loan program, but you will need to work directly with your bank if you plan to pursue the PPP Loan.
I look forward to helping you. Together we will get through the Pandemic.
Note: The information in the resource guide as of April 1st 2020. It is subject to change as additional details emerge around how these programs will be implemented. Linked content is deemed to be reliable but not vetted or endorsed for accuracy by VR Business Brokers.