SBA Disaster Assistance for small businesses in Response to the Coronavirus 2020
Due to the Coronavirus (COVID-19) outbreak. On March 27, 2020, the America President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses. the CARES Act also established below four new temporary programs to address the COVID-19 outbreak.
1. Paycheck Protection Program (PPP)
It is a loan designed to provide a direct incentive for small businesses to helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
2. Economic Injury Disaster Loan (EIDL) Emergency Advance
small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.
3. SBA Express Bridge Loans
allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
4. SBA Debt Relief
a. The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
b. The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
Only Small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19 can apply for Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Emergency Advance.
If you want to learn more about the programs above, welcome to contact us at the
USCPA Sophie Luo (羅霞) +886 4 22520309 or E-mail: ustaxproservice@gmail.com Also welcome to visit our website: https://www.ustaxproservice.com (USTAX Service LLC)