Ohio Valley Business
Corona Virus Recovery
Guess what? They’ve made some changes!! As of April 9th, the SBA has CHANGED the $10,000 Emergency Fund, making it, at least for me, pretty useless!! We understand that the advance will be based on $1000 per employee, up to the maximum of $10,000 per company.
There are 2 different government loans being distributed by the SBA. More information is still coming in about these loans. As we learn more, we will make these changes.
PPP or CoronaVirus Emergency Loan
The goal of this loan is to keep employees employed or individuals in business. This loan can be up to 2 1/2 times your total payroll costs. If you don’t have employees, but are a sole proprietor or even an independent contractor, this loan DOES apply to your as well. This loan becomes forgiven under certain circumstances. Mostly, proof that it is spent on payroll, utilities and rent, and that these bills continue to be paid during June. In other words, you continue employing your employees once this is all over. To apply for this, you need to go through your bank.
For more help, email Christy Holmes (email@example.com)
Economic Injury Disaster Advance Loan
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. BUT may not need to be repaid. (More to follow when we know more.)
The SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay. To apply for these loans, you need to go to the SBA website.
Other REVENUE Streams
QuickBooks, GoFundMe and Yelp, (thus far) have teamed up to start GoFundMe pages for small businesses that need help. Together they will match the first $500 of your fund raisser. Our GoFundMe page is “Ohio Valley Business Corona Virus Recovery” if you would like to help. To start your own, go here.
Shari Jo Watkins has been diligently working on other available revenue sources.