Paycheck Protection Program (PPP) and the U.S. SBA Economic Injury Disaster Loan
SENPA Executive Director, Debra Short, just announced that the association will be working alongside its attorneys to create a live webinar on April 3rd at 2:30pm ET for its members to answer all questions they may have pertaining to the Cares Act. AEGIS Law Managing Partners Rochelle Friedman Walk, and Scott Levine will be informing members on what resources are available to them under this new law, and how they can start accessing these resources. This means that SENPA members will have the ability submit questions concerning the Cares Act and their small business prior to the webinar to the attorneys free of charge. These questions will then be answered during the live webinar, with short follow-up consultations with AEGIS Law attorneys that can be arranged through email (for contact information on AEGIS Managing Attorneys view the closing contact section of this update ).
The webinar will focus on how small businesses can take advantage of the Paycheck Protection Program (PPP); a program created by the government to help combat some of the challenges that small companies could face due to COVID-19. PPP allows small businesses access to funds that will cover up to 8 weeks of payroll costs including benefits. These funds can also be used to pay interest on mortgages, rent, and utilities. Small businesses with 500 or fewer employees—including nonprofits, veterans’ organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries. Starting April 3, 2020, small businesses and sole proprietorships can apply, then on April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
Another option is to qualify for the U.S. SBA Economic Injury Disaster Loan (EIDL) with low interest 2.75% over 30 years. You must be able to demonstrate “substantial economic injury” directly attributed to the event according to the U.S. SBA EIDL guidelines.
Please fill out this link this to register for the webinar and submit your questions.
Here is the link for the PPP Document. Please fill this form out as soon as possible and try to submit it on April 3,2020. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.
AEGIS Law is an entrepreneur’s law firm, with a heavy focus on small to mid-size businesses. Ms. Walk has significant experience in representing consumer products companies and retailers, including retailers selling through e-commerce. She has served as our outside counsel for many years.
Mr. Levine has been an entrepreneur and works with businesses as well as venture funds. He is an active member of Entrepreneurs Organization in St. Louis and nationally.
To learn more about the firm, you can go to their two websites: www.Aegislaw.com or www.Walklawfirm.com.
For all other updates and questions concerning COVID-19 contact SENPA’s Executive Director Debra Short at 727.846.0320 or email firstname.lastname@example.org.
As always SENPA will continue to monitor all news pertaining to COVID-19 and the potential effects that the virus may have on SENPA members and their businesses, to stay informed on all breaking news visit SENPA.org .