You are invited to this informative webinar:
Wednesday July 15, 2020 @ 7 – 8 pm
Subject : ALL ABOUT SBA’S EIDL & PPP – HOW TO GET MAXIMUM FORGIVENESS FOR YOUR LOAN
Sponsored by Iranian Hotline & KIRN 670AM
All About SBA’s Economic Injury Disaster Loan (EIDL) & Paycheck Protection Program (PPP)
Speaker: Fazel Mostashari, MBT, CPA/PFS, CFP
followed by Q&A . Registration is required to receive the meeting ID for this free webinar .
Information: 888.611.5478 .
After registering, you will receive a confirmation email containing information about joining the webinar.
The PPP AND EIDL : Everything You Need to Know
The EIDL program is reopened as of June 15th. You can apply today through the SBA :
https://covid19relief.sba.gov/#/
Between the Paycheck Protection Program, the EIDL Disaster Loan, and the many relief programs in between, it’s getting very complicated to navigate the COVID-19 pandemic as a business owner.
We’ll walk through the different programs, what you need to know about them, frequently asked questions, and we’ll link out to any important resources you should know about.
The main relief programs
There are currently three main relief programs.
Paycheck Protection Program: This is the most substantial small business program, providing 24 weeks of cash flow to small businesses. If you spend your funds in the approved way, you can get this loan forgiven.
What is the Paycheck Protection Program? The Paycheck Protection Program is a loan program that originated from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This was originally a $350-billion program intended to provide American small businesses with eight weeks of cash-flow assistance through 100 percent federally guaranteed loans.
EIDL Disaster Loan:
This is a small business loan (originally up to $2 million, now limited to $150k) that can be spent in any way to support your business operations—it’s more flexible than the PPP, but it can’t be forgiven. You can also request an “advance” on this loan (up to $10,000, or $1,000 per employee) that does not need to be repaid.
What is the SBA disaster loan program?
The SBA Economic Injury Disaster Loan (EIDL) loan program specifically serves people affected by natural disasters in the U.S. For COVID-19 relief, all small businesses, including sole proprietors and independent contractors, can apply.
If you qualify, the interest rate for an SBA disaster loan is 3.75% for businesses, and 2.75% for non-profit organizations. SBA loans have long terms—generally 15 to 30 years—in order to make them affordable for small businesses.
| Fazel Mostashari MBT, CPA/PFS, CFP, CDFA Tel: 818.884.2549 | ||
| Master of Business Taxation, Certified Public Accountant, Personal Financial Specialist, Certified Financial Planner, Certified Divorce Financial Analyst, Registered Investment Adviser | ||
