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There are many questions for business owners currently. The stress of trying to keep your business running has beenkeep most business owners up at night during this "Stay at Home".
President Trump signed the H.R.748 - CARES Act bill on Friday, March 27th, 2020. Beaubien Business Services, Inc. has summarized the two loans below.
The Economic Injury Disaster Loan is currently the only loan open to apply for today. These loans in the past averaged $500,000. Individual's who operates under a sole proprietorship, with or without employees, or as an independent contractor can apply for this. EIDL can be used for working capital. Interest and payments will be deferred. When applying for the EIDL loan you will also apply for the Emergency Grant, which advances you up to $10,000. The Emergency Grant is not required to be repaid.
Paycheck Protection Program loans are made by the bank, credit unions, etc. These loans are 100% guaranteed by the SBA. With this loan you will need to retain or rehire your employees. This loan will require more documentation, such as payroll reports, 1099's, Profit & Loss and a few others. Employees and employers making more than $100,000 a year will affect the amount of loan your business may qualify for. Though the Emergency Grant of $10,000 does not apply in PPP loans, it will have loan forgiveness. With the loan forgivemess there will be limits on the amounts. Interest and payments will be deferred. The banks are currently working on getting the loans as fast as they can for the Paycheck Protection Program Loan. Once we have access to the PPP loan we will update this link.
Be advised these loans have an established available fund and could run out.
To get your application process started please contact Beaubien Business Services, Inc. info@beaubienbookkeeping.com 951-444-1885.
