As the Coronavirus continues to dictate every aspect of our professional and personal lives in ways that most of us never imagined, below are opportunities for you to virtually increase your interaction with your employers and non-profit partners. They will benefit hearing from you with valuable information that can possibly help keep their employees on payroll as well as cover operational costs if they qualify.
From the Small Business Administration (SBA) to Small Business Owners &
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your employer had an EIDL application declined or is still pending, and it will be forgiven.
Share this website www.SBA.gov/Disaster with your employers and non-profit partners to learn more about this opportunity and if they qualify to have the Advance/Loan forgiven.
For Employers and Non-Profits and anyone else you think might benefit (see important dates below): click here to apply and complete a newly released streamlined application.
Small Business Paycheck Protection Program
As part of the CARES Act, the Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury.
“This legislation provides small business job retention loans to provide eight weeks of payroll and certain overhead to keep workers employed,” said Secretary Mnuchin. “Treasury and the Small Business Administration expect to have this program up and running by April 3rd so that businesses can go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day. The loans will be forgiven as long as the funds are used to keep employees on the payroll and for certain other expenses.”
Funds can also be used to pay interest on mortgages, rent, and utilities. For informational purposes only, click on this link to download the following documents:
- Top-line overview of the program
- Program information
- Borrower application
- Starting April 3, 2020: small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Starting April 10, 2020: independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.
Here is the website that has the above documents also available for download: U.S. Department of the Treasury
Additionally, the U.S. Chamber of Commerce prepared an excellent small business guide to help answer your employer questions as well as information they “need to know” regarding this program. Click here to download the guide.
For more information, please visit www.coronavirus.gov.
Across the nation we watch the collective heart and spirit of workforce and education professionals helping those who need it most. Your unflappable resilience inspires us to keep going with a deepen commitment. On behalf of all of us at Business U, thank you.