Broker Check

Small Business Owners - Financial Support During COVID-19 Pandemic

As a business owner, you are concerned for the safety of your family and friends, your employees financially, and your own financial security.  The United States’ social distancing policy—mandated to prevent the further spread of COVID-19—has unfortunately wreaked havoc on small businesses and the general economy.

On March 27, 2020 Congress passed the CARES Act, which includes $350 billion in financial aid for small business owners.  There are several programs included within this financial aid:

Paycheck Protection Program (PPP)

 

Economic Injury Disaster Loan (EIDL)

  • This is an existing loan program typically used during catastrophic economic situations (i.e., post-hurricane recovery) and is now applicable to small businesses affected by COVID-19
  • $2 million maximum loan
  • Business owners must apply directly at the Small Business Association website
  • $10,0000 advance can be requested within 3 days of application and does not need to be repaid

 

Click here to view the on-demand JFL webinar called “Protecting Your Business with the CARES Act” to learn additional options for small business owners.