The Small Business Administration was designed to help small business.
With the challenges that COVID-19 presented …small business has had to face the reality of staying alive or even perhaps starting over. The SBA offers multiple funding options for those seeking relief.
Here is their website.
I have presented for your review various alternatives small business might want to access. Great care needs to be exercised in navigating the various options.
Take your time and review your alternatives.
Paycheck Protection Program
This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program
EIDL Loan Advance
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
SBA Express Bridge Loans
Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
SBA Debt Relief
The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
After you have navigated these various programs you may need the help of a financial professional.
CPA’s are trained to understand complex business funding arrangements and would also be a great resource in understanding which program might be best.
I would suggest checking out the American Institute of CPA’s (AICPA) website as well.
They have created a separate “Coronavirus (COVID-19) resource center” that gives you access to the most up-to-date information, news, and tools to help you navigate the COVID-19 pandemic.
As discussed above the most popular program currently under discussion through the U.S. Small Business Administration (SBA) is the Paycheck Protection Program (PPP).
It wasdesigned to provide access to funding so businesses can keep paying their employees and other expenses such as health insurance premiums, rent or mortgage payments and utilities.
The AICPA also designed a very robust website designed to help. This important financial relief is designed to help small businesses return to being fully operational quicker once conditions improve.
This AICPA webpage is continually updated for changes to loan programs and program development.
Check back and keep up to date with this vital resource.