Nakase Law - What Coronavirus Loan and Grant Programs are Available?
Aug 17, 2020 19:47
Small businesses are suffering in coronavirus safety measures such as shutdowns and stay at home orders. The government and other lenders have offered relief programs and resources to try and get them through the restrictions and stimulate the economy. However, many businesses face multiple roadblocks in getting the assistance they desperately need, according to California Nakase Accident Injury Lawyers and Employment Attorneys.
Below are some of the support which small businesses can rely on to help them keep their heads above water.
Federal Coronavirus Support For Small Businesses
The Federal CARES Act includes several programs created for small businesses:
•Paycheck Protection Program – The Small Business Administration will give eligible businesses loans of up to $10 million. These loans will be provided by banks and credit unions so businesses can apply through their regular lender. If the majority of the money is used towards eight weeks of payroll to maintain employees usual salaries, then the loans are forgivable. The remainder of the money must be used on approved expenses such as rent and utilities.
•EIDL – The Small Business Administration also offers Economic Injury Disaster Loans or EIDL. This will approve up to $2 million to nonprofits and small businesses which are affected by the Covid-19 pandemic. The interest on these loans is 3.75% for small businesses and 2.75% for nonprofits and variable repayment terms depending on the applicant. Payments can be deferred for up to four years, though. For loans under $200,000 applicants do not need to provide a personal guarantee, and businesses with less than 500 employees will qualify.
•Emergency Grant for EIDL Applicants – All EIDL applicants, whether their loan is approved or not, will receive an emergency grant of up to $10,000 to give them access to quick cash. This grant must be used towards sick leave, payroll, or rent.
Some California business associations and lenders are also pitching in to help local businesses stay afloat during the coronavirus pandemic. Here are some of the programs:
•SF HELP - the San Francisco Hardship Emergency Loan Program is a 0% interest rate loan from the City of San Francisco and Main Street Launch. Loans of up to $50,000 with six-year terms are available to eligible businesses. San Francisco businesses with annual revenues of $2.5 million can apply. The businesses must have had a 25% reduction in revenue since the 1st of January 2020, and if it is location dependent must have at least three years left on its lease. Apply using the online loan inquiry form.
•Eviction Moratorium – The City of San Francisco has enacted an eviction moratorium for small and medium businesses affected by coronavirus. This is only temporary but will help businesses in the short term who are worried about making rent. Additional laws have been enacted to allow businesses to take payment plans or take a hardship waiver if they have been affected by Covid-19.
•Small Business Emergency Microloan Program – The City of Los Angeles has enacted emergency microloans up to $20,000 for businesses who provide low-income jobs. If the loan is to be repaid within a year, the interest rate will be 0%, but if it is five years, the interest rate will be 3-5%. To be eligible, your business must be located in the City of Los Angeles, have a responsible and reasonable credit history, and commit to using the loan for business expenses only. If you own over 20% of the business, you must guarantee the loan. Apply online with supporting documentation such as personal and business tax returns, bank statements for the previous three months, and personal and business financial statements.
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