Assistance is Available to Help Small Businesses

The Small Business Administration is offering financial assistance and loans to small businesses affected by COVID-19 including the and Economic Injury Disaster Loans and Loan Advance.

From what we've learned, the Paycheck Protection Program may help you cover payroll and overhead expenses and can be applied for through a local lender. The application process is not open until April 3rd but you will need a copy of your 2019 taxes, an up to date Profit and Loss sheet, and an up to date balance sheet. So start preparing those items now if you plan to apply. This is available to businesses with fewer than 500 employees including sole proprietors and nonprofits.

The Economic Injury Disaster Loan is disbursed through the Small Business Administration and does not require a local lender. You could also receive a $10,000 loan advance that would not have to be repaid. Click here to apply.

Click here for additional resources available from the Small Business Administration. Click here for a guide from the US Chamber of Commerce to help you better understand your options and to see if you qualify.

(Photo: Getty Images)

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