COVID resources

Stimulus relief loan

I have a business but could not obtain economic stimulus relief loan.  What should I do?

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    This answer is edited.

    As of April 24, 2020, Congress approved an additional $310 billion in funding to restore the Paycheck Protection Program (PPP) which was quickly exhausted in 14 days. Round two exhaustion is expected to go even faster.  The new round of funding also includes an additional $60 billion allocated to a emergency loan program for small businesses called the Economic Injury Disaster Loan (EIDL) which will be administered by the U.S. Small Business Administration (SBA). So, I encourage if you really need the loan, apply immediately as banking institutions are still accepting applications in anticipation of federal funding replenishment of the program.

    The PPP is 100% federally guaranteed loans to businesses with 500 or less employees, net worth of maximum $15 million with an average net income of less than or equal to $5 million for two fiscal years prior to application. The loans can be used to pay up to 8 weeks of payroll and benefits, interest on mortgages, rent and utilities.

    Guidelines on eligibility and application process:

    https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

    https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf

    https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses

    Apply for a COVID-19 Economic Injury Disaster Loan and loan advance

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