Coronavirus (Covid-19) is affecting every aspect of our daily lives. This is especially true for small businesses and independent contractors who are feeling the financial pain of losing business while the country is on lockdown. Luckily, there is financial relief and resources now available to help those individuals and business owners as they weather this very uncertain time.
Small Business Association (SBA) Loan Assistance
The SBA is offering $10,000 disaster and paycheck protection loans that are available within three days of successful completion of the application. These loans can be used to pay fixed debts, payroll, accounts payable and other bills that otherwise won’t be paid because of the economic impact of COVID-19.
This loan is for any small business with less than 500 employees (including sole proprietors, independent contractors and self-employed persons), private non-profit organizations, or 501(c)(19) veterans organizations affected by coronavirus. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The loans are available through June 30, 2020.
Intuit Small Business Relief Initiative
Intuit Quickbooks is working with GoFundMe to seed up to $1 million to create a Small Business Relief Initiative that will help small businesses raise money to overcome financial hardships due to COVID-19. Through this initiative, small businesses can create a fundraiser on the GoFundMe platform, share their story with the public and request financial support to help cover employee-related and business expenses.
Other Loan Options
Many other financial institutions and companies are providing financial relief and loans during this time. For example, credit cards are offering zero to very low balance transfer rates and lines of credit. PayPal Working Capital provides support based on your PayPal sales history, so you receive an amount that fits your business. Facebook is also offering $100 million in grants to support over 30,000 small businesses through its Small Business Grants Program.
San Diego Small Business Relief
The City of San Diego has established a Small Business Relief Fund (SBRF) to provide grants and low- to zero-interest-rate loans for working capital to eligible small businesses.
Swigart Law Group wants to help small business owners, independent contractors and sole proprietors. Please contact us for assistance completing any of these forms or loan applications.
Swigart Law Group helps people who have been injured by banks, employers, drug and medical companies, or large corporations, and creates a meaningful and profound impact on the lives of people in the community. Our attorneys are experienced in the areas of consumer protection, privacy and data breaches. Unlike large law corporations, we hand-pick every case we take and we give each of our clients undivided personal attention.