As the COVID-19 virus situation continues to unfold, we wanted to provide you with resources to get your business and employees through this unprecedented time. In late March, the US Government passed a few laws aimed at supporting small businesses through low interest loans and grants. Below is a brief explanation of those loan options.
It is important to consult with your accountant on any of these programs, as they will be best equipped to recommend a course of action. While we are here as a resource, we cannot recommend one way or another which programs to take advantage of. Our position is that you should be aware of any programs you qualify for and consult with your accountant on any action you take.
Economic Injury Disaster Loan (EIDL)
Receive up to $10,000 as an emergency cash advance to businesses harmed by COVID-19 within 3 days of applying. This advance does not need to be paid back, even if you are denied the loan.
Payroll Protection Program (PPP)
Low-interest loans to pay Payroll Costs for the eight-week period after the PPP is granted. If the money goes towards payroll and payroll related costs, the loan can be forgiven.
Recursos de COVID-19 – En Espanol
Programas gubernamentales para ayudar a su negocio.