The coronavirus and COVID-19 pandemic has hit everyone here in Kansas City and the nation. Small businesses are scrambling to keep open and to keep employees and customers safe. Small business owners and entrepreneurs are dealing with the coming fallout of this economic disruption.
The 'Coronavirus Aid, Relief, and Economic Security Act'' or the ''CARES Act'' is the first law from the federal government that provides relief for the economic fallout of the virus. As a business owner, most of the help you will receive for COVID-19 related business problems will be from the SBA and the Department of Treasury. If you are looking for capital to cover the cost of keeping employees, an infusion of cash to keep you going or a way to keep up with payments on your current SBA loan. Don't worry. This bill will help you.
In this interview taped on April 7th, 2020, I speak with Attorney Betsy Sharp Lynch from Lynch, Sharp and Associates to talk about how you get your small business through this crisis using these programs - which one is right for you and what you can do right now to protect your small business.
Topics covered:
First steps to take
PPP - Paycheck Protection Program
EIDL – Economic Injury Disaster Loans
Other options available to business if a business doesn’t participating PPP
This situation is fluid and I will keep you updated as things change - but if you are looking for a primer on what to do NOW for your small business & the CARES act, this is a great start.
To contact Betsy for a consultation on your Small Business & the CARES Act, call: 816-207-4981
Updated COVID-19, CARES Act information from the SBA is here: https://bit.ly/3aYwp3k
And from the Treasury Department here: https://home.treasury.gov/cares
Small Business & the CARES ACT – SBA Loans, Disaster Relief Loans and Paycheck Protection Loans
