There’s not a business that hasn’t already been impacted or is soon to be impacted by COVID-19. With the social distancing guidelines being extended another month, many small businesses are in need of financial assistance. Banks and Associates have already taken the approach of finding solutions for all small businesses.
The SBA Disaster Loan is one tool in the toolbox that will allow small business owners to work their way out of a detrimental problem and their ever-changing circumstances. This is a long-term 3.75% fixed rate, which will allow many owners to maintain their businesses during the tough times ahead.
The CARES Act, signed into law by President Trump last week has other provisions through the U.S. Small Business Administration. Guidelines for those programs should be in place this week. The Payment Protection Programs provide for loans for payroll from February 15 through June 30 and other related expenses and are forgiven at the end of the year when a business maintains pre-disaster levels. There’s a host of benefits available with the SBA 7(a) program that includes payment deferments, the forgiveness of the SBA guarantee fee and other features. In addition, there are EIDL advances of up to $10,000 per business after a business applies for the loan that does not have to be paid back.
One thing is certain for small businesses in these trying times – things are changing. The good news is Banks & Associates can help you cope with change well. We can cut through the complexities and help you grow your business.
The facts you need to know in regards to the SBA Economic Injury Disaster Loan(EIDL):