Get the Funding You Need
We are in a Health and Financial Crisis of unprecedented magnitude, and it has had a huge financial impact on you. Your business is still a big unknown. Many of you are experiencing a 50%- 95% drop in sales, and some of you may have closed your doors completely. Our hearts go out to you, and we want to help in any way we can.
First, we must plan for the worst and hope for the best. Financial assistance is available today in several forms, and we can help. This is our understanding as much as one can about involving the federal government. Please understand we are not offering legal or accounting advice, so contact local professionals licensed in your area for more information.
As your trusted advisor, we are here to help by sharing valuable guidelines we have found while navigating the process ourselves. We have also included some helpful references below. Please check your state, as they may have some funding programs besides the EIDL (Economic Injury Disaster Loan) and the PPP (Paycheck Protection Program).
Many banks were still awaiting guidance from the SBA before releasing their latest applications and portals, and we encourage you to apply with them if you have an established relationship. As you can imagine, they are overwhelmed with many applications and processing their clients first.
We have an alternative solution. We have partnered with a Lending Platform, Lendio, that can help expedite this process. They charge no fees and are entirely automated and accepting applications online today. They have been providing loans to small businesses for many years and, therefore, already have the automated tools to process your loan quickly.
Three Suggestions to Help You Today
Apply for the PPP loan
It doesn’t matter if you are C-Corp an S- Corp, Partnership, LLC Sole Proprietor, 501C Non-Profit, Tribal Business, or even an Independent Contractor, you can apply. This is first-come, first-serve, so get your application through your bank or click here to apply through our banking platform.
Summary of PPP
- Forgiveness of 2.5 x monthly payroll, payroll commissions, benefits, and taxes, as long as employees are retained
- 1% interest loan with forgiveness (was initially announced at 0.05%)
- No personal guarantee
- It may also include some insurance, rent, utilities
- 100% of the loan is supposed to be forgiven if 75%+ of the revenue is payroll-related
- Loan payments are deferred six months should you have to pay it back
- 2-year term
Apply for the $10K ECONOMIC INJURY DISASTER LOAN (EIDL)
Businesses affected should apply for the $10K loan immediately to help them get funds quickly. It is easy to fill out (10 minutes online) and will be forgiven if the guidelines are followed: SBA.Gov. Remember, this is first come, first served, so get your application in quickly.
Apply for State Emergency Funds
The Florida Disaster Bridge Loan is a $50K ($100K in special circumstances), 12-month, 0-interest loan. It requires more paperwork but worth a look. Check your State’s available resources. Sorry, the funds have been exhausted already. However, the EIDL Fund is going to be replenished.
Time is of the essence for all of us as these are first-come, first-serve programs. The money well is only so deep ($350 Billion) until additional funding is approved (maybe). We urge you to act quickly by contacting your lender or us so we can connect you with our lender.
Please stay healthy and adhere to the CDC guidelines, as we have always done in our history…. America will get through this!
References
https://www.sba.gov/
