14 Programs for Relief of Sm Biz during this Crisis

“As the Corona-Virus Pandemic intensifies, Americans are facing not only a Public Health crisis but an Economic crisis as well. To help you navigate this uncertain period and protect your financial well-being, SmartAsset has gathered a list of resources to help you answer the difficult money questions you may have”.

Relief Program Topics:

A. CV Small Business Relief,

1) Paycheck Protection, 2) PPP Loan Calculator, 3) Lender List & Requirements, 4) Main St Lending, 5) Economic Injury Disaster Loan [EIDL], 6) Bridge Loan, 7) Payroll Tax, 8) Employee Retention, 9) SBA 7(a) Loans.

B. Additional Sm Biz Relief Programs:

1) Community Advantage Loan Program, 2) Express Loan Program, 3) 504 Loans, 4) Micro-Loans, 5) SBA Debt Relief Program.

Small-Medium Business (SMB) owners – during this CoronaVirus Pandemic; most are in serious financial straits. That is, unless you’re in the business of selling groceries, medicine, other essentials or streaming services. With most of the country under some form of restrictions, SMB have had to close to in-store traffic – if not close completely.

Lost Revenue, for both big & small businesses, is unprecedented, as is the number of people filing for unemployment (roughly 33 million first-time claims filed in seven weeks!). To help you get through the crisis, SmartAsset has put together this guide to all relief programs available to small business owners, including what’s in the Corona-Virus Aid, Relief, & Economic Security Act (CARES) Act – and the latest Stimulus package. While staying in business has never been harder, billions in federal & state aid are available with lower-than-usual barriers.

A. Coronavirus Small Business Relief Programs

Paycheck Protection Program (PPP) Loans

The PPP loans small businesses 2.5 times their average monthly payroll costs (excluding pay in excess of $100,000 per employee), up to $10 million. The forgivable loans aim to incentivize small businesses to maintain their head count and payroll… read more

PPP Loan Calculator

Small business owners now want to know how much money they can borrow under the Small Business Administration’s Paycheck Protection Program (PPP). This PPP calculator helps… read more

PPP Loans: Lender List and Requirements

As they struggle to survive mandated closures, small business owners are scrambling to secure Paycheck Protection Program loans. If you’re looking for a lender, start with this list… read more

The Fed’s Main Street Lending Program

The Federal Reserve is stewarding the Main Street Lending Program, using funds from the CARES Act, to help small businesses during the ongoing COVID-19 crisis and accompanying economic downturn… read more

Economic Injury Disaster Loans (EIDLs)

The SBA’s Economic Injury Disaster Loan program, which the CARES Act expanded upon, provides loans of up to $2 million to disaster-affected small businesses and private non-profit organizations that encounter certain declared disasters… read more

Express Bridge Loan Pilot Program

In response to COVID-19, the SBA expanded the Express Bridge Loan Pilot Program, which provides up to $25,000 loan financing to small businesses in disaster-ridden communities… read more

Payroll Tax Delay

The CARES Act allows employers to postpone their 2020 payroll taxes through the end of 2022… read more

Employee Retention Tax Credit

The Employee Retention Tax Credit (ERTC) is a provision included in the CARES Act that incentivizes employers to keep employees on payroll during the economic downturn. It is a credit that employers can receive for up to 50% of qualified wages paid to employees, including qualified health plan costs… read more

SBA 7(a) Loans

The SBA’s 7(a) program is an existing loan program available to small businesses. Separate from the Paycheck Protection Program (PPP), 7(a)loans can be for up to $5 million and are guaranteed by the SBA for between 75% and 85% of the loan…. read more

B. Additional Small Business Relief Programs

1) Community Advantage Loan Program

Using the same general rules as the 7(a) program, Community Advantage loans are for up to $250,000 and are for businesses in under-served markets. The loan application is here.

2) Express Loan Program

The Express Loan Program is a type of 7(a) loan. These loans are for up to $350,000 and are guaranteed at 50% by the SBA. The decision to make the loan is up to the lender rather than the SBA, and is made within 36 hours. Again, the PPP may make more sense if you are dealing with fallout from the COVID-19 crisis, but these express loans are also an option. These loans are given by local lenders.

3) 504 Loans

504 loans are designed to foster economic development and job creation. These loans can only be used for the acquisition or eligible refinance of fixed assets. These loans are generally capped at $5 million. Apply for 504 loans here.

4) Micro-Loans

Microloans are made through non-profit lending organizations to underserved markets. Loans can be for up to $50,000 and the average loan size is $14,000. Find a local microloan provider here.

5) SBA Debt Relief Program

The SBA Debt Relief Program gives immediate relief to borrowers with existing SBA 7(a) loans, 504 loans and Microloans. For these existing borrowers in regular servicing status, the SBA will cover loan payments (principal, interest and associated fees) for six months. This relief is also available for businesses that take out new loans prior to September 27, 2020. This debt relief is automatic, and lenders have been instructed not to collect loan payments. Call your lender if you have any questions.

Comments: Do you know of any other Crisis Relief programs available during this Pandemic?

fm Smart Ass-etts. 11 May 20 enhanced by Peter/CXO Wiz4.biz

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