TENANT
RESOURCES
The new Coronavirus Aid, Relief, and Economic Security (CARES) Act has appropriated $377B in funds for small businesses. To help you decide what's best for your business, we've broken down the two options for financial relief, both administered through the U.S. Small Business Administration (SBA).
Highlights from the CARES Act
$300B in relief for you and your customers is coming
American singles making $99k or less, or households making $198k or less, should see funds in as soon as 3 weeks.
Businesses are getting a tax break
Business and income taxes will be deferred, and if you've fixed up your store over the last 2 years, it should be easier to write off that expense.
Plus, additional support for our communities
There will be vastly expanded unemployment benefits, support for our healthcare system, and more.
Decide which option is best for you
The overall package is pending guidance from the Small Business Administration (SBA), but there are steps to take now. If you apply for loans from different sources, rules or limitations may apply. While your circumstances may affect your options, we hope this informational resource helps, and encourage you to also seek personalized advice from qualified professionals.
Get a $10,000 grant in 3 days or less
The Economic Injury Disaster Loan (EIDL) is an emergency program offering small business loans up to $2M. It also includes a grant for eligible businesses to receive a cash advance of up to $10,000 that you're not required to repay.
Who should consider EIDL?
Who's eligible?
What's the application process?
What factors are considered by the lender?
The SBA may approve the applicant based solely on the applicant’s credit score and not require a tax return or tax return transcript or use alternative appropriate methods to determine the applicant’s ability to repay the loan.
What paperwork will I need?
You'll just need your credit score and the new self-certification form—no tax returns required. The new form isn't available yet, but you can apply now using the standard form.
How soon will I see relief?
The $10,000 grant will be administered within 3 days of submitting your application. Additional loan relief is being offered on a first come, first serve basis to businesses across all 50 states, so you may see longer wait times for loans.
Are there any collateral, personal guarantee or credit requirements?
Get 8 weeks of operating expenses back
The Paycheck Protection Loan (PPL) program offers approved business owners 100% federally guaranteed loans up to $10M and forgives up to the amount spent on operating expenses during the first 8 weeks of the loan. The amount of money from the loan you spend to cover payroll, rent, utilities, or mortgage payments and associated interest can be forgiven. Any other payments can be deferred by 6-12 months.
Who should consider PPL?
Who's eligible?
Any business who maintains payroll until at least June 30, 2020 is eligible for loan forgiveness. The amount of forgiveness is reduced proportionally by any decreased employee compensation exceeding 25% or number of employees persisting during the first 8 weeks of the loan relative to a recent qualified period Companies can correct past reductions in payroll by rehiring or remedying compensation by June 30, 2020 to receive full loan forgiveness.
What's the application process?
What factors are considered by the lender?
Lender only considers whether the business was in operation as of February 15, 2020 and whether it had employees for whom it paid salaries and payroll taxes or paid independent contractors.
What paperwork will I need?
-
3 years of income tax returns -
Profit and loss (P&L) statement -
Projected financial statements -
Names and addresses of any subsidiaries -
Business certificate or license -
Loan application history -
Business lease -
Your résumé
How soon will I see relief?
Loans from the SBA have historically taken about 45 days, but we’re hopeful that funds will be distributed faster. The CARES Act is removing steps to help expedite relief, including allowing approved lenders to make decisions on applications without having to go back to the SBA for approval. The SBA is also bringing on new lending partners to help with quicker fund dispersal.
Are there any collateral, personal guarantee or credit requirements?
Business Resources by State
See a list of state, local and private resources available to small businesses. This list will be continuously updated as new programs and information become available. VIEW RESOURCES
SBA Loan Guidance and Resources
Updated guidance and resources from the Small Business Administration (SBA). LEARN MORE
Direct links to SBA online loan application
Disclaimer
The contents of this website is provided for informational purposes only and Hendricks Commercial Properties does not control and makes no representations, claims, promises, or guarantees (in each case, express or implied) as to the accuracy, completeness, relevance, timeliness or adequacy of the contents of this website or in the links contained on this website, and expressly disclaims liability for any errors and omissions or for lack of accuracy, completeness, relevance, timeliness or adequacy in or of the contents of this website or the links contained on this website.
Hendricks Commercial Properties does not endorse the organizations sponsoring linked websites, and we do not endorse the views they express or the products/services they offer.
Any reference obtained from this website to a specific product, process, or service does not constitute or imply an endorsement by Hendricks Commercial Properties of the product, process, or service, or its producer or provider. The views and opinions expressed in any referenced document or links do not necessarily state or reflect those of Hendricks Commercial Properties.