Updates regarding the two types of loans currently 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 the newly signed CARES Act
The EIDL is already in place and you can apply through the Small Business Administration.
The PPP is available to small businesses and sole proprietors through SBA approved Financial Institution e.g. banks, credit unions as of today, Friday April 3, 2020. Applications for self-employed individuals and independent contractors are expected to be available from lenders by Friday April 10, 2020.
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.