How Small Businesses Can Get Help Right Away
Federal help is here for small businesses struggling during this crisis. Shreveport leaders want you to know about the federal CARES Act which financial help available on two different fronts. But you might want to jump on this now before the funds run out.
The Paycheck Protection Program (PPP) allows businesses to borrow up to 2.5x monthly payroll expense up (to a max of $10M), and is forgivable in proportion to how many staffersmuch staff are kept on payroll.
Economic Injury Disaster Loan (EIDL) Grants are a $10k “advance” available in just three days to businesses applying for relief loans. This benefit will only be issued to a million businesses and Shreveport companies are encouraged to fill out the streamlined application at covid19relief.sba.gov.
Small business advisors are available to answer questions for Shreveport companies. You can book an appointment free of charge at shreve.biz.”
Starting April 3rd, the US Treasury will be accepting applications for the Paycheck Protection Program, which authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. The loan amounts will be forgiven as long as:
- The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
- Employee and compensation levels are maintained.