*You have until September 30 to apply for an EIDL loan!
What a crazy, unpredictable, frustrating, disheartening year thus far. Many started 2020 with high hopes and dreams. Not only were you ready for a new year, but a new decade. Suddenly you were introduced to COVID-19, city lockdowns, and quarantines. Next, Tennessee was hit with a massive, deadly, tornado. A few more months past and California had to battle wildfires that required 20,000 people to evacuate. Not to mention hurricane season is here. Louisiana and Texas were hit by Hurricane Laura leaving over 500,000 people without power.
How can a small business owner make it? What options are available? Did you know that your business may qualify for a disaster relief loan? The first thing you need to do is visit sba.gov, this is the official U.S. Small Business Administration website. Once you are there you will notice that you are provided with a wealth of resources and courses to keep your business going.
On April 3, 2020, the SBA and the U.S. Department of the Treasury launched the Paycheck Protection Program for qualified small businesses and non-profits. This program gave business owners a loan that allowed them to keep their employees on the payroll. It required certain criteria to be met, such as quickly rehiring employees and maintaining salary levels. If met, the SBA would forgive the loan completely. The PPP received a lot of criticism because it was established to give aid to small businesses with 500 employees are less, however, big names like Ruth Chris Steak House and the Los Angeles Lakers took advantage of the program. As a result, many owners complained, and these big-name companies returned their loans. According to CNBC, more than $30 billion loans were returned.
Despite the disappointment, some small business owners did receive funds and were able to keep their businesses going. Currently, the PPP is not available, but the SBA does have other loan options. The Economic Injury Disaster Loan Program is open until September 30! Visit sba.gov today and learn more.
Watch out for scams! There are too many out there to count. Call around and see what other options are being offered by companies like your local SCORE Business Development Center or FEMA. FEMA has information about programs and help for damaged homes and businesses. Finally, call your business insurance company. Find out what they can do or what you can put in place for future protection.
SBA disaster assistance customer service center: 1-800-659-2955 or email firstname.lastname@example.org
FEMA Small Business Program: FEMA-SA@fema.dhs.gov
Mira Cassidy miracassidy.com
Writer, Luxury Travel Advisor, Motivational Speaker
Speaking Topics: Breaking Free From Domestic Violence, Overcoming Adverse Childhood Experiences, and Live, Learn, Travel