Understanding your options for COVID-19 Relief
I hope everyone is doing well, staying safe and healthy. We’ve been totally remote for a couple of weeks now and know how uncertainty there is around the entire public health situation. We’ve been actively following the economic disaster relief conversations and spent a lot of time trying to dissect the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Here is what guidance we are receiving at the moment. For any businesses, your own or potential customers, that are in dire need of relief assistance there are two separate processes on the loan options and solely for the purpose of sustaining business (does not apply to the self-employed 1099 employees). The first is available already and the second should be active in the coming week or so.
Businesses can apply for the Economic Injury Disaster Loan (EIDL) program – they have released a streamlined application as of this morning (link below). According to the guidelines, the EIDL is eligible for an advance of up to $10,000 within 3 days of applying whether you get the loan or not and does not have to be repaid even if the loan is denied.
The Paycheck Protection Program (PPP) Loans – everything we understand at the moment – will have to be administered by an approved SBA lender, such as a local bank. I have been in touch with local bankers and they are still waiting on their guidance and guidelines; it’s an evolving process still. When there’s better information available I’ll be happy to share that with you. If you have a local bank you’re able to work with, that’s probably the best place to start.
That said, the link to apply for the EIDL is below. It is not a simple process, but it’s more straightforward than previously. If you have questions, please feel free to ask our team for assistance.
Thanks and let us know how else we can help you and your business continue to move forward through this turbulent situation.