Last Updated 4:00 PM EST on 4/16/2020
It is challenging for a business owner to navigate such fluid information. Here is what you need to know right now if you own a business.
Read the latest on Betterfin's ReadyRelief™, the TurboTax-like platform helping small business owners get stimulus, assistance here.
What Types of Small Business Loans Are Available?
7(a) Loans: The 7(a) loan program is one of the SBA’s primary programs for providing financial assistance to small business concerns. The CARES Act includes a $349 billion package for the SBA’s 7(a) loan program through December 31, 2020. These 7(a) loans would be 100% guaranteed by the federal government through December 31, 2020, and are subject to loan forgiveness up to the entire loan amount subject to certain restrictions discussed below. The goal is to help employers maintain their payroll levels.
EIDLs: The EIDL (Economic Injury Disaster Loan) program is available for certain business concerns located in an area affected by a disaster — such as a public health disaster — that have suffered a substantial economic injury as a result of such disaster. The CARES Act includes a $10 billion package to expand the SBA EIDL program to additional eligible business concerns impacted by the COVID-19 pandemic. The EIDL grant provisions allow the applicant to request that the SBA provide an advance in the amount requested — but not to exceed $10,000 — within three days of when the SBA receives the applicant’s application.
I Want the Important Details.
Please read out FAQ at www.betterfin.com/faq
Where Do I Apply?
To apply for PPP / 7(a) Cares: You can now apply with Betterfin here - www.loans.betterfin.com
Also, here is spreadsheet of lenders we know accepting applications.
To apply for EIDL: Coronavirus Relief Options – New landing page for SBA’s four relief programs (updated 4/2/20)
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