COVID-19 Financial Relief For Small Business

Small Business, COVID-19 Relief

Many small businesses are wrestling with how to stay afloat during this time of economic uncertainty. Federal, state, and local governments plus some private organizations have created relief programs to aid businesses at this time.

We’ve rounded up information on the major financial relief programs available for small businesses and self-employed workers. Top options include the “Paycheck Protection Program” as well as the “Economic Injury Disaster” Loan. This past week, we’ve helped our small business owner clients prepare their applications and details for submission to their respective PPP lenders. You can reach out for a personalized virtual session if you need support. 

Economic Injury Disaster Loan (EIDL)

  • Can apply to receive an advance emergency grant of up to $10,000 while your loan application is being processed (Possibly a $1,000 cap per employee up to $10,000)
  • Loan Amount: Up to $2 million
  • Interest rates: 3.75% for For-Profit, 2.75% Non-Profit
  • Term/Maturity: Up to 30 Years
  • Payment Deferment: 12 Months
  • When & Where To Apply:

Paycheck Protection Program 

  • Can apply to receive a forgivable loan meant to help you keep workers on the payroll
  • Loan Amount: Up to 2.5 times average monthly payroll ($100,000 cap per employee), loan cap is $10 million per business
  • Interest rate: 1%
  • Term/Maturity: 2 Years
  • Payment Deferment: 6 Months
  • When & Where To Apply: Apply through an SBA approved lender
    • Starting April 3rd (small businesses & sole proprietorships)
    • Starting April 10 (independent contractors & self-employed)
    • Apply through June 30 2020 (until funds run out)

Directory Of Additional Resources For Small Business

U.S Small Business Administration (SBA)

U.S Department Of Treasury

PPP (Paycheck Protection Program) Loans

Other Relief Programs

NYC COVID-19 Relief For Small Business

NJ COVID-19 Relief For Small Business

Women-Owned Business COVID-19 Resources

If you need personalized financial guidance, please get in touch to start a conversation!

Disclaimer: This blog post is not intended to be a substitute for specific financial, tax or legal advice. The article is for educational purposes only. Reproduction of this material is not permitted without written permission.

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