Congress did something unprecedented in terms of direct financial assistance for small and medium-sized businesses. In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states in good standing with the U.S. Small Business Administration (SBA) and the Internal Revenue Service (IRS) may be eligible to apply for an Economic Injury Disaster Loan, which includes an advance component of up to $10,000.00, which is intended to be forgivable in full. This loan advance will provide economic relief to small businesses with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations that are currently experiencing a temporary loss of revenue due to COVID-19. The Economic Injury Disaster Loan advance funds will be made available in the business’ bank account within THREE DAYS of a successful application and will not have to be repaid, as long as funds are used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.
Furthermore, the SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million which carries a 3.75% interest rate for 30 years. This loan is subject to specific conditions and will require corporate and personal financial information for the last 2-3 years.
REMEMBER! IF YOUR LOAN APPLICATION IS TURNED DOWN YOU CAN STILL KEEP THE ADVANCE FUNDS UP TO $10,000.00.
Do not hesitate to contact our office at the e-mail address email@example.com in order to receive more information and submit your application for the Economic Injury Disaster Loan advance.
By Piero Salussolia P.A.
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