Employees leaving their jobs with their belongings in hand

If I already laid off employees, can I qualify for an SBA Economic Injury Disaster Loan?

Question:

If I already laid off employees, can I qualify for an SBA Economic Injury Disaster Loan?

Answer:

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. However, in order not to suffer significant penalty in loan forgiveness, you will need to hire back as many employees as you had in June 2019, by June 2020.

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Joshua H. Sheskin,  Esq.

 jhs@lubellrosen.com
 (954) 880-9500
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