We are committed to helping businesses like yours through the unprecedented challenges from the coronavirus outbreak. Call us to learn more about how it might be a good fit for you.
Take advantage of the resources below, if you have not done so already.
If you have not yet applied for an SBA disaster loan, you should do so by clicking the link above. Let us know if you need assistance with this.
Facebook is offering $100 million in grants to support over 30,000 small businesses in over 30 countries. Facebook will be accepting applications for grants in the coming weeks.
Nav is giving grants to small businesses that tell a story of preservation and opportunity in the face of a past or ongoing challenge. Apply by May 30, 2020.
You are eligible if you are:
In addition, some special rules may make you eligible:
In evaluating eligibility, lenders are directed to consider whether the borrower was in operation before February 15, 2020 and had employees for whom they paid salaries and payroll taxes or paid independent contractors.
Lenders will also ask you for a good faith certification that:
If you are an independent contractor, sole proprietor, or self-employed individual, lenders will also be looking for certain documents (final requirements will be announced by the government) such as payroll tax filings, Forms 1099-MISC, and income and expenses from the sole proprietorship.
Loans can be up to 2.5 x the borrower’s average monthly payroll costs, not to exceed $10 million.
Borrowers are eligible to have their loans forgiven.
A borrower is eligible for loan forgiveness equal to the amount the borrower spent on the following items during the 8-week period beginning on the date of the origination of the loan:
The loan forgiveness cannot exceed the principal.
The amount of loan forgiveness calculated above is reduced if there is a reduction in the number of employees or a reduction of greater than 25% in wages paid to employees. Specifically:
Reductions in employment or wages that occur during the period beginning on February 15, 2020, and ending 30 days after enactment of the CARES Act, (as compared to February 15, 2020) shall not reduce the amount of loan forgiveness IF by June 30, 2020 the borrower eliminates the reduction in employees or reduction in wages.