Things Great Businesses Need to Know
The federal government has recently enacted two pieces of legislation to help small businesses weather the COVID-19 crisis, including the CARES (Coronavirus Aid, Relief, and Economic Security) Act passed on March 25, which provides $349 billion in Small Business Administration (SBA) loans. The previous bill provided for $7 billion in additional loans.
It is important to note that the goal of the government is to get these loans into the hands of small business owners as quickly as possible, in order to keep them going and be able to continue paying their employees. The loans are meant to address the loss in sales and ability to operate along with the corresponding inability to pay employees, rent, and other costs of doing business due to the pandemic. To that end, the SBA is trying to ease previous requirements for securing loans and attempting to make the process as simple as possible.
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There are currently two types of loans available: Economic Injury Disaster Loans (EIDL) and Paycheck Protection Loans (PPP). You can apply for both loans, but you can’t use funds from each loan for the same expenses such as payroll, rent, insurance, etc.
Here are things you need to know about the loan programs:
If you are a business with under 500 employees, you are considered a small business (with some exceptions) and can qualify for the loans. Nonprofits and veterans’ organizations also qualify. All 50 states have been declared disaster areas and, therefore, no matter where your company is based, you may apply.
The EIDL loans offer up to $2 million for working capital needs such as fixed debt and payroll. You apply for the EIDL loan on the SBA website www.sba.gov/disaster. The interest rate is 3.75% for businesses and 2.75% for nonprofits with a 30-year term possible. There is an automatic one-year deferment on repayment so the first payment is not due for a full year, although interest begins to accrue at time of disbursement.