The Latest in Small Business Relief during COVID19
On April 23, 2020, the House voted to pass a bill offering $484 billion in COVID-19 relief funds. Pending presidential signature, the bill should offer necessary funding for the SBA programs that exhausted their previously appropriated funds.
The Payroll Protection Program is set to receive an additional $320 billion. Of the $320 billion, $60 billion will be set aside for smaller lenders to assist businesses struggling to receive necessary funding. An additional $60 billion will be added to the SBA’s disaster relief funds such as the Economic Injury Disaster Loans, and the corresponding Economic Injury Disaster Loan Advances.
If your business is struggling to keep up with mounting bills and payroll costs, be sure to look into these government relief options. The loans are first-come first-served, and the initial round of funding ran out in about two weeks. If you need the relief provided by these government
options, you need to act fast.
If you want help determining your eligibility for these government programs, or want help with the application process, we can provide these services.