UPDATE ON EIDL

It has come to our attention that the SBA is limiting the forgivable advance of the EIDL to just $1000 per employee.  From an email from the SBA to applicants:

To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

We do not have any official posted guidance from the SBA, but clients that applied for and received the EIDL are confirming with us that they are only receiving $1000 per employee, and not the full $10,000 as we originally thought.

Small Business Owners – Comprehensive Guide

Small business owners, please take a look at the following documents:

As of 4-3-2020

This is information we have as of 3-31-2020

US Chamber of Commerce Guide to Emergency Loans for Small Business

Confused about some of the options for small business people?

Please take a look at this helpful guide from the US Chamber of Commerce.

Details from the CARES act are still coming out, and we will post information here as it becomes available.

https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf

Updated & User Friendly SBA assistance

The SBA has updated its website and created a user friendly site outlining all of the loan programs available to small businesses as emergency loans.

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources