Due to the extensive economic impact of COVID-19, the government is offering help to small businesses in the form of a $10,000 loan advance that doesn't have to be repaid. That's great news for small businesses! The bad news is that there are scammers out there that are looking to direct you to sites that are not legitimate. We are here to help you get the correct information and help for your business.
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
There has been some misinformation out there regarding this program. The initial $10,000 is essentially a grant. The remainder that you may be approved for is not. That portion has to be paid back.
Is the initial grant and payback program the right one for your business? The government also has the following programs available to your small business:
The right program for your business comes down to what your actual needs are. If you apply for and are approved for the wrong one, it could have disastrous effects upon your business. We can help advise you on which program is the one for your business and help you to apply at the correct sites.
We Can Help
At Marvel Law, we are here to help serve you with purpose. Click here to email us or call us at 309-807-2885 for your FREE 15-minute consultation. Due to the Stay At Home order, we are offering FREE 15-minute video conference consultations. To take advantage of the video conferencing ability, please email us to set up a time.
