COVID 19 SBA Assistance Programs will help San Diego and small businesses across the region:
The arrival of the Coronavirus Aid, Relief, and Economic Security (CARES) Act checks and other stimulus measures should be a welcome relief to households and businesses to millions of Americans. The White House has asked Americans to continue “socially distancing” during the month of April. Amid so much uncertainty about the duration and impact of the COVID-19 coronavirus, it’s difficult to say how much more volatility might be ahead, but there are resources we want you to be aware of, and can help you obtain, if you are finding the struggle to be overwhelming.
The SBA (Small Business Administration) has created four (4) Assistance Programs that can help you and your businesses through these troubled times. We know, even with all the resources out there, it could be mind boggling to figure out what is the best direction to take for you and your business, and that’s why we are here to answer your questions and help you. We pledge to help simplify and ‘break it all down’ so you can receive whatever relief you need…as quickly as possible. Please feel free to call us to schedule a virtual meeting or talk to one of our professional staff members at (866) 631-3470 or you can contact us with any questions or concerns.
Here is a brief on each of the COVID 19 SBA Assistance Programs that we can help determine which is best for your business situation:
The SBA Paycheck Protection Program – This loan program provides loan FORGIVENESS for retaining employees by temporarily expanding the SBA7(a) loan program. This loan helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
EIDL Loan Advance – The Economic Injury Disaster Loan is an advance that will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. This program is for any 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.
SBA Express Bridge Loans – This loan enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
SBA Debt Relief– The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months. The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
As always, we are here for you – you don’t have to figure it all out on your own. The COVID 19 SBA Assistance Programs can be complex to understand and navigate. We invite you to contact Allen Barron or call 866-631-3470 to learn more about deferred federal tax filing, our COVID 19 response and how we can help your business to survive and thrive during these challenging times.
We would be honored to be able to speak with you soon. Please remain vigilant in staying safe and healthy.
Janathan L. Allen
16745 West Bernardo Drive, Suite 260
San Diego, CA 92137
Telephone: (866) 631-3470
Fax: (858) 376-1410