The CARES Act allocated $349 billion to the SBA for forgivable loans to Sole Proprietors and Small Businesses under 500 employees. This is the broadest allocation of funds ever provided by the SBA. This means that the Federal Government will cover eight (8) weeks of your rent, utilities, and salary costs for employees under $100k, for free. Moreover, these funds will not be taxable income to your business. Whether you are an Uber Driver or CEO, you should apply for this opportunity. We are contacting lenders now to partner with and assure the application process goes smoothly for all our clients (more detail here).
Applications aren’t expected to be available until Monday, April 6th, 2020; however, this is first-come-first-served disbursement, so clients need to be ready. To begin with, you would need to prepare copies of invoices from March 15th, 2019 to February 15th, 2020 of your:
- payroll costs (including healthcare) for all employees who made less than $100k;
- rent for all offices for that time; and
- your utilities bill from that time.
- Also, begin to think of how you’ve been affected by COVID-19 (we can assist you with an appropriate narrative).