For my clients and contacts who are small business owners – the following is some important information that can help you during this time.
Congress passed a paycheck protection program for small businesses. The Paycheck Protection Program sets aside $350 billion in 100% federally-backed loans for small businesses that may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. Ilana Kaufman of Miller Law Partners recently published a helpful article on it that you can read here.
What should you do? Brian Congelliere, a Senior Business Development Officer at IntelligentBank, says that banks have not yet received final instructions from the SBA and US Treasury, so they can’t really do anything at the moment. Business owners’ best option right now is to go to www.sba.gov/disaster and fill out the disaster relief application to apply for the $10,000 advance.
If you have any questions about this new SBA loan program, please contact me and I can get you in touch with someone who can help.
If you’re at home and have some down time, I invite you to check out my YouTube channel that has numerous videos on California Estate Planning. If there is a topic that you want to learn more about, please let me know and I will add another video!
Here is a link to the Wood Law YouTube channel