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This information was for the 2020 PPP Program....they have just announced a new PPP Program for 2021 however the details seem to have remained the same but please contact your bank for the appication process.


Part of the stimulus passed last week included a unique provision in it…

For all small businesses and independent contractors, there is the available of $10,000 in FREE money if you have been impacted by the economic situation. And it applies to gig workers, independent contractors and freelancers, too!

If you’ve been impacted by this quarantine stuff, here’s what do to. Apply for an Economic Injury Disaster Loans. (Don’t worry, you don’t actually have to accept the loan because you’re also essentially applying for a $10,000 grant.)

During that application process you can request for an emergency advance of up to $10,000.

That money will be sent even before a loan is approved. The first $10,000 is essentially a grant.

Even if a loan is not approved, you get to keep the $10,000 advance for free with no penalties.

If you ask for more and the loan is granted, the difference in the loan amount and the $10,000 becomes a loan with interest capped out at 4%. Thus, if you want/need the loan then you can get it. But if you’ve been impacted, you should apply for the $10,000 in forgivable money.

However, is one catch – there is only $10 billion available for these grants/loans. If you do the math and divide by $10,000 per applicant, only 1,000.000 businesses can get these… And there are an estimated 45,000,000 small businesses/ independent contractors. So it could get competitive.




Just copy and paste or click on above then follow link.



Paycheck Protection Program (PPP)

An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

Program Overview

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

The Paycheck Protection Program will be available through June 30, 2020.

Who Can Apply

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.

How to Apply

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 in the program.

Lenders may begin processing loan applications as soon as April 3, 2020.

Loan Details and Forgiveness

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.  Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

This loan has a maturity of 2 years and an interest rate of .5%.

If you wish to begin preparing your application, you can download a sample form to see the information that will be requested from you.



SBA Funding Increase For Coronavirus Affected Businesses: What Does It Mean?

During his speech, Trump instructed the SBA to make low-interest loans more readily available to businesses in areas affected by the coronavirus. As a result, the SBA will have the resources (an additional $50 billion to back bank loans) for increased approvals.

While the coronavirus SBA loans are a recent development, disaster loans are by no means new. The SBA routinely helps small businesses in regions impacted by disasters (normally natural disasters) by increasing funding approvals.These loans are generally reserved for businesses that have difficulty meeting normal expenses due to disasters.

Adding $50 billion to the pool of available funds for backing bank loans is by no means a low number. In 2019, the SBA guaranteed over $28 billion

Assuming small business owners in areas affected by coronavirus take advantage of this incentive, the total annual backed funds could double.

Are SBA Disaster Loans for Coronavirus Available Now?

While Congress must still vote to approve this stimulus package, it seems likely the measure will pass. At the moment, there are also no clear guidelines about where funding packages will be available. However, it seems likely that the states impacted most by the coronavirus—Washington, New York, and California—will be included.

As of now, the SBA is still accepting loan applications from all businesses. But before they can access disaster-specific funding, states must take action.

First, the governor of the state must petition the SBA for a declaration of disaster. If the declaration request is approved, then businesses in the state will be able to access funding. You can track which states have received a declaration here.

Through this coronavirus disaster loan program, the SBA can back up to $2 million in funding for a business. The terms available are capped at 30 years, with rates starting around 3.75%. 

Funding from coronavirus disaster SBA loans can be put toward any expenses that the virus may prevent you from covering, including:

  • Paying fixed debts
  • Payroll
  • Accounts payable
  • Other expenses that the virus might trigger

Depending on your state’s progress, you may not be able to access a disaster loan right away. However, National’s Hybridge® SBA Loan program can help you obtain the funding you need faster. Additionally, you can qualify for an immediate bridge loan and receive funding in just a few hours.

SBA Government Disaster Office Information 

So, you’re interested in applying for a coronavirus disaster loan. Is your business eligible? There’s no reason to stay in the dark—the SBA office is available to help you through this crisis.

You can contact the SBA directly for information about funding options in your state, as well as whether or not your business may qualify.

You can call the SBA directly at 1 (800) 659-2955, or email

However, with modern funding options available, it may not make sense to take on the SBA process alone.

At National, our expert Business Financing Advisors specialize in helping you through the financing process. In addition to helping you complete the extensive paperwork, our Business Financing Advisors can also help to expedite the process. 

Whether you pursue a standard coronavirus SBA loan or our exclusive Hybridge product—which includes an immediate bridge loan—assistance can go a long way. 

Income Tax Payment Deferment: How Will it Help?

In addition to widening the pool of guaranteed SBA loans, Trump also took decisive action to help small business owners address a universal pain point: taxes. 

Trump delayed the tax deadline, giving business owners the breathing room they need to make these payments.

As tax deadlines loom on the horizon, many small business owners are scrambling to pay bills. If your business is losing sales due to the coronavirus, then this extension could make a substantial difference.

This deferment is intended to help small business owners in areas that have been impacted by the virus. As U.S. Treasury Secretary Steven Mnuchin noted, this rule may not apply to larger companies that still have the means to pay taxes.

While Trump has not yet provided a new deadline, any assistance can go a long way. If you operate a small business, then it will likely benefit you. Nonetheless, it’s best to err on the side of caution by preparing to pay taxes.

To learn more about how this affects your business, speak with your accountant or tax advisor.

Payroll Tax Relief: How Far Will It Go?

Trump’s tax efforts didn’t stop with income taxes—he’s also calling for measures to help small business owners with payroll taxes.This measure will aid in minimizing both layoffs and hour cuts that some business owners may otherwise take to manage costs during the coronavirus pandemic.

Some officials have reported that he didn’t just request a cut, but a 0% payroll tax. This proposed cut would last for the duration of 2020.

This tax cut would cover the whole spectrum of payroll taxes, including:

  • 6.2% tax on employee wages above $137,700 (paid by both employees and employers)
  • 1.45% tax employees pay for Medicare taxes (paid by both employees and employers)
  • .9% Medicare surtax (applicable to those filing for over $200,000, and $250,000 jointly)
  • 6% federal unemployment tax on wages up to $7,000 (paid by the employer)

Overall, this coronavirus payroll tax relief will help small business owners keep operations moving without overspending.

SBA Disaster Assistance: How Can You Qualify? 

The SBA’s disaster assistance program is not new to the coronavirus pandemic. 

This SBA program helps small businesses in areas that have been affected by disasters (typically natural ones) access low-interest loans. Recently, the SBA has provided funding for businesses impacted by Hurricanes Michael & Florence. 

As small businesses across the country encounter new challenges, the SBA will continue supporting them by offering new funding solutions. This funding is available for two primary purposes: physical damage and economic injury. In the case of the coronavirus, it would primarily help with economic injury.