Here are some helpful resources to pass along to your customers that may be asking for advice and guidance during these stressful times. The US Small Business Administration (SBA) has put together a number of programs with the specific intent of providing financial assistance and relief during the COVID-19 pandemic.
- The Paycheck Protection Program (PPP): a new financial relief loan providing direct incentives to qualified small businesses to keep their workers on the payroll
- Economic Injury Disaster Loans and Loan Advance: this program provides qualified small businesses with up to $2 million to help overcome temporary loss of revenue
- SBA Debt Relief: under this program, the SBA can help pay principal and interest of both current and new 7(a) loans
- SBA Express Bridge Loans: this program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25K with less paperwork
- Government Contracting: detailed information and support for small businesses contracting programs and businesses with federal contracts
- Local Assistance: SBA resources to help counsel, mentor, and train small businesses
For factual, expert information about how businesses can respond to COVID-19, visit the SBA’s site on Guidance for Businesses and Employers.
Note: These programs are subject to change as the situation surrounding COVID-19 is a fluid situation.