How To Apply For Small Business Coronavirus Relief

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There's a lot of money available, even for some self-employed people -- and you may not even have to pay it back.

was just published Thursday night, and some banks are still preparing to accept applications. “Many banks are still writing code,” said Karen Miller, the former head of the SBA under the Obama administration.

Getting these PPP loans out is an ambitious goal for the SBA. ”$349 billion is 10 times the record year of SBA-guaranteed loans in 2010,” Miller said. “It is a Herculean task to get this out and distributed in weeks or months.”There are multiple ways for small businesses and small-business owners to get SBA relief.Economic Injury Disaster Loan ProgramNow, if your business existed on Jan.

You can get both a PPP loan and an EIDL loan, but you can’t double-dip and use both loans for the same purpose, the guidance . According to the U.S. Chamber of Commerce, “if you are able to secure a PPP loan, the $10,000 grant will be subtracted from the forgiveness amount.”Since loans will be given on a first-come, first-served basis, you should apply as soon as you can. More than 58,000 Bank of America customers have applied for $6 billion in loans since Friday morning, CNBCThe last day to apply for and receive a loan is June 30. Small-business owners with less than 500 employees could begin applying Friday.

 

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The problem is that there is so much money 'available' and none of it has been disbursed.

$10k advances were promised within three days of completing the application. That was five days ago. No one has received anything yet. Low income Americans are still waiting on the $1200 they were promised. All talk, no action.

..i M + 4 nxt4.J.

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'Mom & Pop' shops worry they will be squeezed out of small business coronavirus aidFamily-owned restaurants fear they could be pitted against larger competitors, hotel chains and potentially investment funds in a race starting on Friday for a $349 billion pot of money the U.S. government will offer businesses hard-hit by coronavirus. Not if they all band together & fight for their right. Mom & Pop businesses are the cornerstone of USA. I love all the small local stores & am doing everything I can to continue to support them. Corporations/big biz will never take care of customers the way the locals can & do. Of course they will. The bailout isn't for the little guy.. it never is. When will they learn. A valid concern. The US government only assists large corporation. Even people are expendable.
Source: Reuters - 🏆 2. / 97 Read more »

Bank of America's small business loan portal is up, making it the first major bank to begin relief program“What we’re doing here is keeping people employed, keeping doors open,” House Minority Leader Kevin McCarthy says about the $350 billion small business relief program. It is a Hoax right Joe? This is the worst season of The Apprentice ever...well maybe not the season with Meatloaf...that was really bad. Kevin McCarthy needs to resign.
Source: CNBC - 🏆 12. / 72 Read more »