Due to the economic impact of the coronavirus, the US Government has authorized the Small Business Administration to offer Economic Injury Disaster Loans to any business with 500 or less employees, non-profits, self-employed, independent contractors, and landlords of commercial or residential rentals.
The Disaster Loans come with a provision that an Advance of $10,000 is offered to any applicant, whether the loan is approved or denied. The Advance does not have to be paid back.
The application can be found at https://covid19relief.sba.gov/#/
I suggest that your business apply for the loan and advance as soon as possible.
If you need assistance with the application, a potential Paycheck Protection Loan, or the SBA Loan Forgiveness, please contact us.
We will be continuing the review the options to assist our clients through this difficult time.
If you have any questions, please contact us.