Do you currently have an SBA 7a Loan through your bank with the SBA? If so, you can use this program, and the SBA will actually make your loan payments, including interest, for six months. And even better news is that you don’t even need to apply for this. The SBA will automatically apply the… Continue reading SBA Resources: Debt Relief
Category: COVID-19 Relief Series
SBA Resources: The SBA Express Bridge Loans
The SBA Express Bridge Loan is a fast, short-term solution for small businesses with SBA loans to get up to $25,000. The money from these loans can be used to assist the business that is losing revenue due to the coronavirus crisis. It can also be used to help while waiting on another loan to… Continue reading SBA Resources: The SBA Express Bridge Loans
SBA Resources: The Economic Injury Disaster Loan (EIDL)
The SBA has already issued over $1.4 billion in EIDL funds in the state of California alone. The Economic Injury Disaster Loan is a small loan, up to $10,000, to small agricultural business owners who are currently affected by economic conditions due to the coronavirus. If your business has seen a drop in sales or… Continue reading SBA Resources: The Economic Injury Disaster Loan (EIDL)
SBA Resources: The Paycheck Protection Program (PPP)
As Congress continues to craft and vote on new stimuli programs, the Paycheck Protection Program continues to be the foundation of help for small businesses. These loans are SBA 7a Loans. However, as long as the funds are used for keeping or rehiring employees, the loan is forgivable. What is the PPP? Here is how… Continue reading SBA Resources: The Paycheck Protection Program (PPP)
COVID-19 Relief Series, Part 4: Small Business Relief Initiative
What is the Small Business Relief Initiative? The Small Business Relief Initiative is a program created by GoFundMe to leverage its powerful donation platform to help small businesses who are struggling during the COVID-19 financial crisis. They are joined by other businesses, including Yelp, Intuit QuickBooks, GoDaddy, and Bill.com. Each of those companies has made… Continue reading COVID-19 Relief Series, Part 4: Small Business Relief Initiative
COVID-19 Relief Series, Part 3: What is an SBA 7a Loan?
What is an SBA 7a loan? An SBA 7a loan is an SBA-backed loan through a private lender. There are several types of SBA 7a loans, including the Standard 7a loan, the 7a Small Loan, the SBA Express Loan, and more. When people say, “SBA Loan,” they are typically referring to this popular program. A… Continue reading COVID-19 Relief Series, Part 3: What is an SBA 7a Loan?
COVID-19 Relief Series, Part 2: Paycheck Protection Program
NOTICE: Per the SBA, the Paycheck Protection Program is currently on hold, as the money has run out. The Senate passed a $484 billion bill that includes an additional $310 billion for the Paycheck Protection Program. It now goes to the House and then to the President who indicated that he would sign it. What… Continue reading COVID-19 Relief Series, Part 2: Paycheck Protection Program
COVID-19 Relief Series, Part 1: The CARES Act
What Is the CARES Act? The CARES Act is the Coronavirus Aid, Relief, and Economic Security Act. The bottom line is that the CARES Act was passed by Congress in order to help Small Businesses through the turbulent COVID-19 economy. The goal of the CARES Act is to help small businesses survive uncertain economic times.… Continue reading COVID-19 Relief Series, Part 1: The CARES Act