I have a ton of family members who run their small businesses. They need small business help right away. If you are a 1 person hair-cutting crew, maybe you have your air conditioning company or an independent contractor. If you are self-employed, you are eligible for a payroll protection loan.
Most banks will be ready to accept applications on Wednesday and funded by NEXT Friday. That's 7 days from now…
Here is what you need to know about Coronavirus Emergency Loans
The Coronavirus Aid, Relief and Economic Security Act allocated $350 billion to help workers stay afloat during the coronavirus. This is known as the Paycheck Protection Program and provides 100% federally guaranteed loans to small businesses who maintain their payroll during the emergency.
🙋♂️🙋♀️ THESE LOANS MAY BE FORGIVEN IF YOU MAINTAIN YOUR PAYROLL DURING THE CRISIS OR RESTORE EMPLOYEE PAYROLLS AFTERWARD.
Are you eligible for an SBA Loan During COVID-19? ❓
Are you a small business with less than 500 employees? Maybe you operate as a sole proprietorship? Maybe you are an independent contractor? (see the US Chamber of Commerce additional businesses that qualify).
If you answered YES – then…
What will lenders be looking for?
Lenders are making sure you were in business before Febuary & you will use the loan for payroll, mortgage, lease, rent and utility.
If you answered YES – then… ✔
How much can you borrow?
Loans can be up to 2.5x the borrower's average monthly payroll cost, not to exceed $10,000,000.
If you answered YES – then…✔
Will this loan be forgiven?
The amount you spend on payroll, mortgage, lease, rent, utilities will be forgiven.
Call your local bank ahead to schedule an appointment or an over the phone consultation to see if they have any online or over the phone appointments.
Share or Tag a Small Business Owner:
- Hair Stylists
- Air Conditioning Companies
- Plumbers and Painters
- Real Estate
- Web Design & Agency
- Marketing & PR
- Life Coaches & Speakers
- Truck Drivers
- Child-Oriented Businesses
- #stimulus #sba #checks #loans #forgiveness
Related Post: What about stimulus checks?
Laid Off? Check Out Our Work from Home Series…
The unemployment numbers came out yesterday and they are TRIPLE what we expected. Eventually, I believe that over 10 million people will be unemployed. That's why we're kicking off our work from home, start a side hustle series to help you, your family and your community.