We hope everyone is staying safe and healthy!! We are trying to do the same. That is what is most important.
Last week the RI Team spoke with many of you. Here is the common situation for most everyone we talked with:
- Personally: So far, none of our members have coronavirus symptoms and all are working hard to keep it that way.
- Business: With regard to their businesses, most are either closed and staying home, or mostly closed – just doing a few essential things.
Here at RI, we are doing the same – trying to stay close to home and care just for essential responsibilities. So far none of us have any symptoms, and like our members, are working hard to keep it that way.
THIRD, WITH REGARD TO EVERYONE’S BUSINESS…
Last week there were several announcements regarding loans that are FORGIVABLE if used for payroll, and other essential things.
SEE BELOW WHAT WE HAVE LEARNED SO FAR
(if you have more information, please share it with us and we will pass it on)
The FIRST PLACE TO START is the SBA website – it is https://www.sba.gov/
On this website, there is a banner about the Coronavirus – on the banner is a ‘Learn More’ link where you will find a lot more information.
The FIRST THING you will probably want to do is click on ‘Coronavirus Funding Options’ – this takes you to a page showing the options below:
The FIRST TWO PROGRAMS are readily available to all of us. The SECOND TWO are for those that already have a relationship with SBA.
- ‘Paycheck Protection Program’ – this program will give you a loan for 2 months of payroll, INCLUDING FOR SUBCONTRACTORS, and is forgivable.
- NOTE: YOU APPLY THROUGH YOUR EXISTING BANK – contact your bank for details on how to apply
- ‘Economic Injury Disaster Loan Emergency Advance’ (EIDL) – this is a flat $10,000 loan which is also forgivable.
- You apply for this one directly on the SBA website at this link: ‘COVID-19 Economic Injury Disaster Loan Application’
- ‘SBA Express Bridge Loans’ – if you already have a relationship with SBA, this may help you
- SBA Debt Relief – if you already have a loan with SBA, this may interest you
Another helpful page to keep your workplace safe is ‘Guidance for Businesses and Employees’ from the CDC.
And finally, this page has an overview of many articles you may find helpful: ‘Coronavirus (COVID-19): Small Business Guidance & Loan Resources’
We here at RI are in the process of applying for the first two types of loans.
We will update this post as we go through this process and let you know of any ‘tips’ we learn that can help.
Please let us know if there is anything you need that we can help with.