The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans to small businesses (including sole proprietors, independent contractors, gig economy workers and other self-employed individuals) that are suffering economic hardship due to the COVID-19 crisis. If eligible, your business may be able to borrow 250% of your average monthly payroll
expenses, up to $10 million, for use in covering 8 weeks of payroll expenses and making payments on existing debt obligations. The principal will be forgiven if used for qualifying expenditures. The following links provide additional information including what businesses are eligible, how to apply, and how and when the loans will be forgiven. Please contact us if you have questions regarding this program and we will be happy to discuss the options available to you and provide guidance on your next steps.