We’re seeing a lot of questions come up about applying for federal relief programs. Here’s the latest of what we know:
- You can now apply directly to the SBA for an economic injury disaster loan (EIDL). These are low interest loans of up to $2 MM, of which $2000,000 can be non-recourse. These loans also include a $10,000 cash advance which may not have to be repaid. Funds are first come first serve and they only have $10 billion in allotments, so time is of the essence. Apply now! Thanks to Netcito member Nakapan Phungephorn for the heads-up on this one. I’m quoting him directly on the urgency.
- According to lending expert Ami Kassar, you cannot yet apply anywhere for a legitimate Paycheck Protection Program (PPP) loan. These are loans of up to $10 MM that include a portion of expenses and payroll that can be forgiven.
- For more info about both programs, lending expert Ami Kassar is hosting daily Webinars on these programs. Also check out this article from Forbes. There’s tons of other content available via Google if you want further details.
If you applied to a program or are considering, please share your experiences and questions by posting on the Netcito community site. Please stay safe and take care of each other out there.
From our business family to yours,
Peter and Zach