Link to update your banking info for the $1200.00 adult and $500.00 for children COVID-19 personal relief payments:
We know you are facing challenging times in this current health crisis. The U.S. Small Business Administration is committed to help bring relief to small businesses and nonprofit organizations suffering because of the Coronavirus (COVID-19) pandemic.
On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.
If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.
As of today and right now, there is only a "bridge loan" and the Payroll loan available. The up to $10,000.00 and is available to apply for online. These disbursements are processed about 10 days after the application process, per the SBA help line. The Payroll loans must be applied for through a financial institution, that is an SBA lender. Business owners that are self-employed: Sole Props, Independent Contractors, or so on may be eligible for the SBA PPP (Payroll Protection Program) as well. Financial institutions and SBA qualified lenders are currently accepting application.
To locate a financial institution or a SBA lender that can process the: "Paycheck Protection Program", please follow the link: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
Common questions asked: is this a loan or a grant? The only part of this SBA that may be considered a grant is the following: payroll, rent or mortgage and utilities. As of right now anything else the funds are used for are considered a loan.
If you have any SBA questions, please follow this link to contact them directly: https://www.sba.gov/about-sba/organization/contact-sba#section-header-0
There is another options for disaster benefits: https://www.benefits.gov/
We do not know much about the "benefits" option, so please take a look for yourself.