– Free money for small businesses and owners , this would apply to you. There is hope and financial help available. I wanted to let you know about some programs that are out there to help support all of us through this trying time. Please note, I am not an attorney, CPA, or an accountant and you need to verify all this information. With the passage of the CARES Act there’s finally some relief for small business owners. There are two key components that I wanna make sure that you’re aware of as soon as possible. They are both SBA related and should help most small business owners. The SBA is offering an economic injury disaster loan. This is a $10,000 loan advance that will not have to be repaid as long as it’s used for economic relief due to the COVID-19. The SBA has streamlined the application process so it can take about online and only takes about 10 minutes. According to my CPA, in addition to the $10,000 available to you upfront, you can apply for up to $2 million in additional funding. The rate of these loans will not exceed 4% and can be spread out over 30 years. Currently, the only portion of this loan that would be waived or forgiven is the initial $10,000 and of course this could be subject to change. So, be sure to look into the fine lines and details. The second loan offering is called the Payroll Protection Program or PPP and it has a component of the loan that can be forgiven. Congress has allocated 349 billion plus an additional 500 billion just passed by Congress to this loan offering. These loans are considered SBA 7a loans and are applied for directly through your bank or your credit union. Here’s a brief synopsis of the loan program. Businesses that can apply. Any business with 500 or fewer employees, the business does not have to be shut down completely or partially, any business that applies is presumed to need the loan and will get it. The only underwriting standards are that the company was in business on February 15 of 2020 and had employees, for whom it paid salaries and payroll taxes. These loans are non recourse, meaning no personal guarantee or liens on business assets. Be sure to check with your local bank or credit union to see if you qualify. I hope this information helps. Please, if you have any questions, feel free to call. I’m here to help, have a great day.