COVID-19 UPDATE: Apply for SBA Disaster Loan and Other Considerations
We understand the obstacles and financial hardships COVID-19 has brought to businesses. We have been monitoring federal, state, and local government to stay up-to-date on all matters relating to the ever-evolving COVID-19 situation – and we are here to keep you informed, serve, and assist you.
SBA Disaster Loan Application Assistance Kentucky has been declared an area eligible for SBA disaster loans, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President. This declaration makes loans of up to $2 million available to small businesses and private, non-profit organizations with fewer than 500 employees.
These loans can be used to help pay fixed debts, payroll, accounts payable, and other bills that can’t be paid due to the loss of revenue caused by a declared disaster. They cannot be used to cover lost profits.
The interest rate is 3.75% for small businesses and 2.75% for non-profits.
The SBA determines terms on a case-by-case basis, based on each borrower’s capacity for making monthly loan repayments. The maximum loan term is 30 years.
SBA has indicated they are strongly committed to providing the most effective and customer-focused response possible.
Small businesses can apply for the loans at disasterloan.sba.gov/ela. We provide a link below for the SBA 7(a) loan application form for your review in preparation for application.
It is highly encouraged for you to start and complete the loan application as soon as possible, regardless of whether you think you will have a need or not. With over 30 million small business in the United States, the application process is expected to become congested very quickly.
We can assist you with planning, completing the SBA 7(a) loan application, and be available for questions and follow up throughout the process.
Working Remotely and Other Technologies Are you prepared for all or a large segment of your staff to work remotely? What do you do if quarantines or other travel restrictions preclude staff from coming into the office? What technologies will be needed? What policies will need to be in place?
We can help you put together solutions that include the following:
Migrate to a cloud environment to handle remote work
Move your accounting and bill-pay to a cloud-based system to maximize efficiencies, manage cash flow, and have real-time access to and management of your financials
Get setup and train you and your staff on tools for meetings, collaboration and other remote work tools
Assist with establishing policies and procedures and security
Provide coaching to establish expectations upfront with your team and cultivate the right culture for working remotely.
For more information on working remotely or other technologies contact Mark Wadlington to schedule a call or virtual meeting.
We are here to assist you in any way possible. Please feel free to contact any member of our team.
Stay tuned for future updates as we closely monitor all developments to keep you informed.