In response to the Covid-19 pandemic that continues to threaten local economies across the country, the U.S. Small w88 slot Administration (U.S. SBA) has increased efforts to alleviate the hardship experienced by small businesses. While the situation is evolving rapidly and new information continues to be shared with local U.S. Small w88 slot Administration affiliates, this article will guide you through the U.S. SBA Economic Injury Disaster Loan (EIDL), the Paycheck Protection Program (PPP), and the U.S. SBA Debt Relief Program.
Economic Injury Disaster w88 slot – EIDL
This is the primary loan offered by the U.S. SBA, and allows qualifying entities to borrow up to million at 3.75% interest for w88 slot businesses and 2.75% interest for non-profit organizations with terms up to 30 years. All Nevada counties have been declared eligible for EIDL. Eligible industries include but are not limited to: restaurants, retailers, souvenir shops, travel agencies, wholesalers, owners of rental property, hotels, recreational facilities, charter boats, manufactures, sports vendors, sole-proprietors, independent contractors, gig-economy workers, and self-employed individuals are eligible to apply.
This loan also allows small businesses the opportunity for an up-to k quick cash infusion advance. The w88 slot owner is allowed to keep these regardless of the approval of the EIDL and this advance will be forgiven. The loan funds may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. EIDL is not intended to replace lost sales or profits, or for expansion. The U.S. SBA will view credit history, your ability to repay the loan, and will expect collateral if available, though it is not required for funding less than ,000.
w88 slot with existing U.S. SBA Disaster Loans may apply for the EIDL, but the loans may not be consolidated. The U.S. SBA has implemented automatic deferment for all existing SBA Disaster Loans through Dec. 31 2020.
Nevada w88 slot can apply for the Economic Injury Disaster w88 slot here.
Paycheck Protection Program – PPP
The Paycheck Protection Program provides small businesses with a 1.0% interest loan to pay up to 2.5 times your w88 slot’s average monthly payroll cost (100% guaranteed through the U.S. SBA). Payroll costs include all costs of an employee: salary or wages, commissions, bonuses, health insurance, retirement contributions, local and state payroll taxes, but cannot be used to compensate anyone in excess of salary based on 0k per year, those residing outside US, or if already getting reimbursed for paid sick/family leave under the act passed two weeks ago. PPP funds can also be used to pay interest on mortgages, utilities and rent. This loan will be forgiven if staff and payroll are maintained. At least 75% of the forgiven amount must have been used for payroll.
w88 slot businesses with 500 or fewer employees-including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors are eligible. Businesses with more than 500 employees are eligible in some industries. Payroll costs are capped at 0,000 on an annualized basis for each employee. The lender will need payroll documentation.
Loan amounts may be up to 2.5 times your businesses average monthly payroll for the previous year. Loan payments will also be deferred for 6 months. No collateral or personal guarantees are required. Neither the government nor lenders will charge w88 slot businesses any fees. After the 6-month deferment, businesses will be required to pay the unforgiven loan amounts over the remainder of the 2-year term at an annual interest rate of 1.0%. Loan forgiveness will be reduced resulting in an unforgiven loan balance if businesses use loan proceeds on ineligible costs, reduce their number employees, and/or reduce their employees' wages from the reference period.
Starting April 3, 2020, w88 slot businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. Early application is encouraged because there is a funding cap and lenders w88 slot need time to process loans.
Small w88 slot Debt Relief Program
Under this program, the U.S. SBA w88 slot cover all payments on existing non-disaster U.S. SBA loans, including principal, interest and fees for six months. This relief w88 slot also be available to borrowers who take out U.S. SBA loans within six months of March 27th, 2020.
Please be wary of scammers during w88 slot time. The U.S. SBA w88 slot NOT ask for money to complete a loan application and w88 slot NOT ask for personal information over email. All personal information is collected through U.S. w88 slot’s secure online portal. When in doubt, contact U.S. w88 slot’s Disaster Office for confirmation of any requests you receive.
Contact the U.S. Small w88 slot Administration Disaster Office via emailor at 1-800-659-2955.
For more information on U.S. Small w88 slot Administration Disaster Lending and other disaster resources for small businesses in w88 slot, go online or call 1-800-240-7094.
“Details on the CARES funds continue to evolve,” Males said. “If you’re unsure what course of action would be most beneficial to your small w88 slot or if you have questions, sign up for no-cost, confidential counseling with the experienced Nevada Small w88 slot Development Center professionals.”
