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Covid-19: SBA Business Loans And Relief Programs

- Mar 30, 2020 News0 comments

If you’re a small business owner and your business was affected by the Coronavirus, here is a list of SBA business loans and relief programs available to you.

Emergency Economic Injury Grant

This is a quick cash advance of up to $10,000 to help you cover any business expenses during the crisis.

  • Does NOT need to be repaid- it’s not a loan
  • Available to small businesses with or without employees, non-profits, independent contractors, etc. Basically, every business is eligible.
  • No need to go through a bank, simply apply online

https://covid19relief.sba.gov/#/

Paycheck Protection Program- PPP

This is an SBA loan for employers (both profit and non-profit) to maintain their payroll during the crisis. There are many amazing features of this “loan”:

  • Partial Forgiveness of the loan equal to approximately 8 weeks of regular payroll
  • The loan amount will be based on 250% of your payroll from 02/15/19 – 06/30-19 up to $10M
  • The loan can be used to cover all payroll costs, mortgage/rent, utilities, interest
  • Forgiveness can cover all payroll costs, mortgage/rent, utilities, interest
  • Even on the portion that is not forgiven, the max interest rate will be 4%, no loan fees, no prepayment fees, and deferred payments for between 6 months to a year
  • You must apply for the loan through an SBA lender. See below a list of lenders:

To have the payroll portion of the loan forgiven, you must apply with your lender and provide the following information:

  • Documentation verifying the number of employees on payroll and all filed federal and state payroll forms
  • Documentation verifying payments to cover mortgage/rent, utilities
  • A statement from an owner that the documentation is accurate and true

IRS Employer Relief

The fine details weren’t released yet, and the IRS website still didn’t finalize a lot of it. The basics of it are as follows:

  • If your employee is sick or has a sick family member: you can pay the employee up to 2 weeks full pay up to $500/day up to $5,000. The IRS will reimburse you via a payroll tax credit or a quick refund check.
  • If your employee is out because school is closed or your business is closed, you can pay them 2/3 pay not to exceed $200/day up to 12 weeks and $10,000. The IRS will reimburse you via a payroll tax credit or quick refund check.
  • If you can’t afford to lay out the payroll, you can either apply for the loans and grant that we detailed before or simply let each employee file separately for unemployment.
  • Self-employed individuals will also be eligible for a tax credit on their next year’s tax return.

Our Recommendation

  • Apply for the Emergency Grant (item #1) right away. Its an easy online application and doesn’t require a bank.
  • Get hold of a bank to start the process to handle the SBA loan. Preferably start at your own bank to see if they are an SBA lender as you may get preferential treatment at your own bank.
  • If you can afford to pay your employees to continue to do so and use the IRS payroll tax credit/refund.
  • You will not be able to double-dip with the different credits, but it is worth applying for all in the order we listed.

List Of Local SBA Lenders And Packagers

  • Eli Hazan – Cross River Bank T: 201- 808- 7159 C: 845-659-7605
  • Yaakov Markowitz – SBA Loan Group T: 718-744-7459 E: yankie@sbaloangroup.com
  • Shlomy Touber – The Easy Funding T: 845- 304- 8765 E: shloimy@theeasyfunding.com
  • SY Funding – WhatsApp 347- 452- 0579
  • Dovy Weisel – SBA Loan Group C: 347-486-1746 E: dovi@sbaloangroup.com

Stay Safe


The post was created with the help of Jacob Reinhold CPA

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Sam Sam has nearly a decade's worth of experience educating his many readers on everything credit. Sam spends his days checking out credit cards for a full report, from the minute benefit details to the shebang of welcome bonuses. Plus studying the ins and outs of building proper credit. It’s his favorite pastime and he loves sharing it with others.

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