If you are a business owner, we want you to be aware there are two types of loans currently and (to be) available to small businesses dealing with the economic consequences of COVID-19:
- SBA Economic Injury Disaster Loan (EIDL)
- Paycheck Protection Program (PPP) (also called SBA 7(a)) created by Friday’s newly signed CARES Act
The EIDL is already in place and you can apply through the Small Business Administration.
The PPP is being developed and will be available for application through SBA approved Financial Institution e.g. banks, credit unions. The SBA has 15 days from 3/27/20 to have the loan applications available. You will need to contact your banking institution for an application when available.
The amount of information on these two programs on the internet is staggering and changing hourly. We are working on staying informed to the most important aspects of these loans. You can reach out to us for more specifics on each program.
Let us know how we can help you understand and evaluate these new programs and how they can help your business. If you have any questions, please feel free to call or email us.