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If I already laid off employees, can I qualify for an SBA Economic Injury Disaster Loan?
Yes but your loan forgiveness eligibility will be decreased if you have fewer employees in 2020 than 2019. There are ways to hire back employees, economically, by taking advantage of the act, and doing so will decrease or eliminate the loan forgiveness penalty. We can help you fund the rehiring of employees, through government aid, so you are not penalized.
If I apply for economic relief under the CARES act, when will I receive my benefits?
The average amount of time it takes to process an SBA loan is 21 days. After that is an average of three days to get the money direct deposited. However, once you apply, there is $10,000 of economic aid available within 72 hours. If everything the SBA is trying to do goes as planned. This $10,000 is for immediate payroll and operating relief. As long as you use it for that, the amount can be paid out of your second loan payment, and you will not need to pay that money back.
As the owner of a medical practice, how much can I borrow from the government under the CARES act, and will any of the loan be forgiven?
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, recently passed by Congress, allocates $350 billion to help small business keep workers employed during the COVID-19 pandemic. The “Paycheck Protection Program”, contained within the act, provides 100% federally guaranteed loans to small business, including medical practices, that are less than 500 employees.