COVID-19

Business and Tax Resources for Disaster Assistance and Loan Programs

 

Coronavirus Relief 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.

 

Funding Options

In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak. SBA.gov

• PPP (Paycheck Protection Program) – This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
• EIDL Loan Advance – This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
• SBA Express Bridge Loans – Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
• SBA Debt Relief – The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.

 

Paycheck Protection Program

The U.S. Treasury Department uploaded the updated application form on April 2, 2020. Applications for businesses with payroll (Paycheck Protection Program Loans – “PPP” loans) are being accepted by banks from Friday, April 3, 2020. Self-employed individuals and independent contractors can start applying for the PPP loans starting April 10. We would be happy to meet with you to discuss these programs and help you through the process.

The federal government made the application process fairly short and simple. But, we can ensure that you include all of the allowable expenses in the loan amount and guide you through what portion of the loan can be forgiven.

Let us know if you need assistance with gathering and assembling the supporting information and documents needed for your application. Starting April 3, 2020, banks are accepting applications. Self-employed and independent contractors can start applying on April 10, 2020. We expect heavy volume of contact, so please gather and pull together as much of the information on the checklist as you can.

EIDL Loan Advance

• Loan application process here: https://www.sba.gov/page/disaster-loan-applications
• EIDL Loan Application Form here: https://covid19relief.sba.gov/#/

 

Please contact our team if you have any questions or need assistance with the loan application process. Contact Sodowsky Law Firm team (703) 968-8000.