Date : April 9, 2020
Category : In the News
During the current coronavirus pandemic, the Small Business Administration (SBA), in conjunction with SBA-approved lenders, are offering relief options and loans in which small business owners are strongly encouraged to review. (The SBA is an agency that provides loans and support to small businesses.)
Below is a summary of three options, noting that the devil is in the details, and further tweaking is likely to follow in the coming weeks and months.
Covers financial obligations and operating expenses that could have been met had the disaster not occurred
Covers payroll costs, group health care benefits, insurance premiums, interest on mortgages or other debt, and utility payments (exclusions apply)
Pilot program providing cash while waiting for a decision and disbursement on an Economic Injury Disaster Loan (EIDL) loan
As you can see, would-be borrowers have much to consider. We strongly encourage you to visit the SBA’s “Coronavirus Relief Options” online here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options.
We also encourage you to contact your bank or lender to ask if they are eligible to participate in such programs. Should you choose to move forward with a loan and require documents sent directly to your lender, we are glad assist you.
Harris Financial Advisors, Inc.