If you’re a small business the government wants to loan you money to continue with your payroll during this crisis. These loans are available for small businesses with less than 500 employees. Small businesses can apply through any SBA 7(a) lender. Here’s a list of the top 100 SBA 7(a) lenders--https://www.sba.gov/article/2020/mar/02/100-most-active-sba-7a-lenders
Lenders can begin to process applications April 3, 2020. The loan will be forgiven if you use at least 75% of the loan on payroll. You can also use the other 25% of the loan for operating expenses such as rent, utilities, and mortgage interest. Forgiveness will be reduced if total head count or wages decline.
Loan payments will be deferred for 6 months. If loan is not forgiven it will have a maturity of 2 years and an interest rate of .5%.
You can find a sample loan application on the SBA website.
Economic Injury Disaster Loan and Loan Advance
Small businesses are currently eligible for an Economic Injury Disaster Loan Advance of $10,000. If approved it should be available in 3 days. This is a simple process by submitting an application on the SBA website. https://covid19relief.sba.gov/#/ This loan advance will not have to be repaid.
The economic injury disaster loan are to help small businesses with lost income continuing operating in the current economy. This process will take longer for approval.
SBA Debt Relief
If you currently have an SBA loan, then this option is for you. This will give the business 6 months to not pay their mortgage.
There is lots of additional information on their website: