Economic Injury Disaster Loan Available; Up to $10,000 Advance

April 13, 2020 Update: SBA has released an official statement that the $10,000 advance will be determined by the number of employees: $1,000 per employee up to the $10,000 maximum.

Small business owners may find assistance through the Economic Injury Disaster Loan through the U.S. Small Business Administration (SBA) in light of the Coronavirus (COVID-19) pandemic.

Business owners can apply directly online through the SBA website and receive assistance.

The loan becomes available to those who apply within three days and the loan advance would not have to be repaid {assuming you meet all guidelines}. This applies to small businesses in all states, territories, and Washington D.C.

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million at low-interest rates that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

Apply and see full eligibility entity verification for a COVID-19 Economic Injury Disaster Loan.

Windham Brannon can assist you with the loan process and application. Please reach out to your Windham Brannon advisor, or contact covid19advisory@windhambrannon.com.

Disclosure

The CARES Act is intended to assist American individuals and businesses in coping with the Coronavirus pandemic.  Due to the nature of the crisis, the law was written quickly, had multiple changes in drafts, and is expected to have numerous clarifications in the future. As such, WB will provide, on a reasonable efforts basis, consultative services to clients relative to various loan programs and other benefits available under the recently enacted CARES Act.

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