Emergency Assistance for Businesses with 500 Employees or Less
In order to help Small and Medium Size Businesses (SMBs) operate and pay employees during the COVID-19 pandemic, the government is rolling out massive assistance to SMBs. These steps include the Payroll Protection Program loan equal to 2.5 months of payroll that may not need to be repaid.
We’re recommending that you:
- Contact your local bank or an approved SBA lender and get an appointment as soon as possible.
Prepare for your appointment by gathering all the documentation required to complete the SBA Form 7a and supplemental schedules. The SBA has released new forms 1919 and 1920. You can get those below.
- PPP — Overview
- U.S. Treasury PPP–Fact-Sheet
- Consider also applying for an SBA Emergency Injury Disaster Loan EIDL SBA Form 5. Economic Injury Disaster Loan (EIDL) loan, as long as the EIDL is used for a different purpose than paying payroll costs, health insurance, interest, mortgage, rent utilities. The EIDL can be used to pay accounts payable and other costs and for “meeting increased costs to obtain materials unavailable from the applicant’s original source due to interrupted supply chains.”
Pdf versions of all the relevant forms are linked below: Keep in mind these forms were designed for natural disasters and regular loans. Many of the questions are not applicable and you will need to fill in information in the OTHER category or include notes. And even though these forms are for loans, these forms are the forms to get assistance that will not have to be repaid or to get low or zero interest rate loans.
|View||Overview||Paycheck Protection Program Overview|
|View||Information for Borrowers||Paycheck Protection Program Information Sheet for Borrowers|
|View||Application||Paycheck Protection Program Application 3-30-2020 v3|
|View||SBA Loan FAQ||SBA Loan FAQ|
|View||SBA Certification Form||SBA Certification Form|
|View||SBA Form 1368||Additional Filing Requirements|
|View||SBA Form 5||Business Loan Application|
|View||P-019||Economic Injury Disaster Loan Supporting Information|
|View||IRS Form 4506||Request for Transcript of Tax Return|
|View||SBA Form 2202||Schedule of Liabilities|