Small business owners impacted by the mandatory shutdown during the Covid-19 could benefit from the recent coronavirus relief bill known as the CARES Act.
There are two key small-business relief programs touted by the Small Business Administration (SBA), said Angela Lewis, Business and Industry Services Director at Canadian Valley Technology Center’s Chickasha Campus.
First, there is the Paycheck Protection Program, which provides up a $10 million loan that is forgivable if you meet certain milestones on maintaining your payroll.
Second, there is the Economic Injury Disaster Loan (EIDL), which provides a $10,000 cash advance within three days when applying for up to a $2 million loan. Amounts are based on amount of economic injury.
The advance does not need to be repaid and may be used to keep employees on the payroll, to pay sick leave, to meet increased production costs related to supply chain disruptions or to pay business obligations that includes debts, rent and mortgage payments.
For further information or to apply for one of these programs, visit sba.gov and click on the “Funding Programs’ drop-down menu.
Also available are SBA Express Bridge Loans, which enable small businesses who currently have a business relationship with an SBA express lender to access up to $25,000 quickly.
CV Tech’s Business and Industry Services team provides affordable, customized industry training. For more information, contact Lewis at lewisa@cvtech.edu or Dr. Jay Watson at the El Reno Campus, jwatson@cvtech.edu.
