There is a lot to learn about and digest when it comes to the Coronavirus Aid, Relief and Economic Security (CARES) Act with its new stimulus packages. Clearly, we are experiencing great uncertainty in our economy.
I want to share with you the misunderstood information along with a lot of the misinformation regarding two grants from the Small Business Administration (SBA). Many small business owners are unaware that they qualify for a program to help small businesses in the United States.
We have researched these programs and have found that they are designed to help business owners with under 500 employees. One group of business owners became eligible to apply on April 3rd. These business must have under 500 employees and the business owners must pay their employees (including themselves) a traditional payroll.
The other group of business owners who don’t have a formal payroll, such as a single member LLC, can apply for the grant described below. Scott Spradley is a well respected attorney that I know. He has fast become an expert on these new SBA grants. I’m sure that there are many of you or your family/friends who could benefit from exploring these options. Scott is able to support business owners in any state, even though his main office is in Florida.
These are important and helpful insights from Scott. He knows what he is doing in this area. There are presently opportunities for financial help for business owners who qualify. If you or other family would like support in getting help through this critical time for our economy and own a businesses, the information below provides a timely opportunity. The program issues grants that when, used as stated, aren’t loans because the funds are not required to be paid back. The initiative of these programs is to help ensure that businesses stay in business.
Basically, the loan is available to all businesses with fewer than 500 employees, with very limited exceptions. The amount of the loan is roughly equivalent to 2.5 months of your payroll, based on 2019 figures.
Most, if not all, of the loan is forgivable, depending on how and when it is spent. Please read the attached discussion on this program. Once you have read the materials, please contact Scott via email if you would like his firm’s assistance with applying for the loan, ensuring that all documents are in order and that all required SBA compliance is made both before and after the loan proceeds are received and spent. Scott’s return email address is contained in the letter.
There is a second loan/grant available from the SBA that could provide up to $10,000 to you within 3 days of application. Moreover, that is a grant which the SBA indicates will not have to be repaid.
Also, you can apply directly for those funds on your own. I urge you to click on the link below, and apply for this vital assistance. Here’s the link to the SBA’s Disaster Loan Assistance web page: https://covid19relief.sba.gov/
Charles Oliver
Wealth Strategist | Best-Selling Author
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