I have been asked by local media, Chamber Board Members, and others what the business community is asking about at this time. It immediately called to mind the scene from the 1996 film, Jerry Maguire, when Tom Cruise yells on the phone, “Show me the money!”.
Until Friday, my answer was pretty limited to the SBA Economic Injury Disaster Loan. I still highly recommend that business owners apply for that loan. You can do so at this link: CLICK HERE.
Fortunately, there are now additional, faster options with a debt forgiveness component.
1) “Paycheck Protection Program”: As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, $350 billion in help for small businesses is on the way in the form of 100% federally guaranteed loans. The key to this option is that these loans may be FORGIVEN if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. Also, the government is partnering with many of our local banks allowing for them to advance the funds to you as soon as this week. Reach out to your business bank and ask them about this option right away. They are motivated to serve you. For the summary from the US Chamber of Commerce, please CLICK HERE.
2) SBA Economic Injury Disaster Advance Loan: In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. THIS LOAN ADVANCE WILL NOT HAVE TO BE REPAID. Apply for the Loan Advance HERE.
Finally, thank you Results Radio, KRCR, Action News, Redding Record Searchlight, KQMS, KCNR, and KIXE for helping us to get the word out to the business community. (View the KIXE :60-second PSA HERE.)
Please have a look at the additional resources in this e-newsletter. Erin, Val and I will continue to provide the latest information to you as together we face this unprecedented challenge.