SBA Assistance Webinars
Salon Professionals –
I am sure you have been made aware of the government loan programs that are available to distressed businesses. The loans were made available under the CARES act signed into law on Friday, March 27th. In particular, one of the programs that may provide assistance to you is the Small Business Association’s (SBA) Economic Injury Disaster Loan (EIDL) program that was expanded under the CARES Act and provides for long-term loans with favorable borrowing terms. Companies in all 50 states are eligible for EDIL loans relating to economic injury caused by the COVID-19 pandemic.
The CARES Act expanded EIDL eligibility for the period between January 31, 2020 and December 31, 2020, to include any business with not more than 500 employees, any individual operating under a sole proprietorship and as an independent contractor. To qualify for an EIDL under the CARES Act, the applicant must have suffered “substantial economic injury” from COVID-19. EIDL loans under the CARES Act are based on a company’s actual economic injury determined by the SBA (less any recoveries such as insurance proceeds) up to $2 million. EIDL loans may be used for payroll and other costs as well as to pay obligations that cannot be met due to revenue loss and for other uses.
The CARES Act also permits applicants to request an advance of up to $10,000 to pay allowable working capital needs; the advance is expected to be paid by the SBA within 3 days. This advance is essentially a grant and is not required to be repaid, even if the application is denied.
Here is the link to apply for EIDL: https://covid19relief.sba.gov/#
For more information on the EIDL program, the link below connects you with no-cost webinars to provide information related to the SBA economic injury process. The sessions are offered across multiple dates and times.
-Blue Lion Founders