Bigger Better Biz's video: CARES Act - SBA Disaster Loan 10 000 Forgivable Cash Advance PPP Payroll Loan

All your questions on the SBA Disaster Loan (a $10,000 forgivable cash advance) and the PPP Payroll Loan answered by personal finance expert, Chris LoPilato, of National Financial Credit Group (http://www.nationalfcg.com.) Learn what to expect with the CARES Act application for the SBA Economic Injury Disaster Loan (EIDL), so you can infuse up to $10,000 in forgivable grant money into your business during the Coronavirus pandemic. A forgivable grant means that you will receive this money from the government (assuming you meet eligibility standards) and will not have to pay back the loan. This can help many business owners who are struggling to keep the doors open and pay their bills, so please share with your friends and family who can benefit. In this video, you'll also learn about the PPP (Paycheck Protection Program) loan and how it covers more than just payroll expenses. This loan, too, is eligible to be forgiven by the government if you meet requirements. A small business owner, self-employed person, or contractor can apply for these loans to help support their business during these trying, unstable times. EIDL loans can be applied for here: https://covid19relief.sba.gov/ #/ The PPP loan must be applied for through an SBA-approved lender and will available starting Friday, April 3. This can include banks like Bank of America or your local bank. You will want to contact your local bank or banker and ensure that they are SBA-approved and ready to submit your business information to the SBA. ****Important**** You do not have to pay any closing costs for these loans. Whereas, in the past, you may have had to pay a bank or lender anywhere from 1% to 10% of the amount of the loan in closing, these loans are being extended for free with no closing costs. If you need a referral to a trusted lender who can help you through the process for free, please contact Chris LoPilato at http://www.nationalfcg.com. ----- About the EIDL SBA is collecting the requested information in order to make a loan under SBA’s Economic Injury Disaster Loan Program to the qualified entities listed in this application that are impacted by the Coronavirus (COVID-19). The information will be used in determining whether the applicant is eligible for an economic injury loan. If you do not submit all the information requested, your loan cannot be fully processed. The Applicant understands that the SBA is relying upon the self-certifications contained in this application to verify that the Applicant is an eligible entity to receive the advance, and that the Applicant is providing this self-certification under penalty of perjury pursuant to 28 U.S.C. 1746 for verification purposes. The estimated time for completing this entire application 10-15 minutes, although you may not need to complete all parts. ----- About the PPP The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. The loan amounts will be forgiven as long as:  The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and  Employee and compensation levels are maintained. Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. Loan payments will be deferred for 6 months. Where can I apply for the PPP Loan? You can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. Who can apply? All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries.