There is help for small businesses that are affected by the Coronavirus. Many small businesses have had to close or provide limited services due to the need for social distancing.
The US Small Business Administration has an option for these small business to borrow money to help with this. The loans can be maximum $2 million with an interest rate not to exceed 4 percent. While this is a small business loan you apply for this loan online. This is not done through a bank.
To register and apply you can visit https://disasterloan.sba.gov/ela/. You will need to make sure to check the Eligible Disaster Areas to make sure your county and state are part of the disaster area.
The site has been reported to be running slow and the process is expected to take 2 hours to fill in the application. You will need the personal financial statements of anybody that owns 20 percent or more of the business as well as the financial information for the business itself. This is a loan so you will want to make sure you read your legal responsibilities as you go through the process. If you have questions you should contact your attorney or your accountant for help.
The Wassman CPA Services website and blog is meant to offer general information to our readers. The information provided is not intended to replace or serve as a substitute for any accounting, tax or other professional advice, consultation or service. You should contact Wassman CPA Services for advice concerning specific matters prior to making any decisions.
