Webinar: What Business Owners Need To Do Now To Secure Financial Assistance
Do you know how to take advantage of new financial support programs for the small business sector? Check out Infiniwz’s latest webinar with Mavilian Financial Group to find out how.
In a matter of weeks, the escalation of the COVID-19 pandemic has had devastating effects on the US and the global economy.
Nowhere is this damage being felt more acutely than in small business markets. With just a month of lowered or altogether halted activity from customers and clients, these small businesses have had to lay staff members off, make significant changes to their services, and dip into their savings.
Is your business struggling?
Most likely - but the good news is that you're not entirely on your own. The government has launched a range of financial assistant programs for businesses - but you may not find them very easy to understand.
In order to help business owners get a clear idea of how they can benefit from these programs, Infiniwiz recently hosted a webinar with Mavilian Financial Group - check out the full recording here:
Economic Injury Disaster Loan
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury due to the coronavirus pandemic.
If you qualify, you could receive assistance to help keep your business running through the course of the pandemic.
- These loans offer up to $2 million in assistance for businesses experiencing a temporary loss of revenue.
- Loan funds can be applied to fixed debts, payroll, accounts payable and other bills that can’t be met due to the impact of the pandemic.
- Interest Rates:
- 3.75% - small businesses
- 2.75% - non-profits
- Loans can be paid according to long-term plans, up to a maximum of 30 years. The details of the repayment plans are determined on a case-by-case basis, based upon each borrower’s ability to repay.
You can apply for assistance on the SBA’s website - CLICK HERE to learn more and to start the application process.
Paycheck Protection Program
Despite being backed by the SBA like the EIDL, this support comes through the bank. Please note that for some banks, you need to apply online, which will require an online business profile.
- Up to $10 million
- Interest rate - 0.5%
- Non-recourse (no personal guarantee) if used for covered expenses
- Maturity of 2 years, and first payment deferred to six months
Make sure to watch the entire webinar for other details, walk-through calculations of loans and repayments, and a Q&A period with attendees.
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