Small Business Loans
Small businesses and sole proprietors have options with the new bill. If you have a small business with less than 500 employees, including if you are self-employed or an independent contractor, the government will give you a loan worth eight weeks of your payroll or earnings, plus an additional 25%.
You don’t have to pay on this loan for six months, and if you maintain your workforce (including self-employed or independent contractors) the government will forgive any portion spent on payroll, benefits, rent, or any other business purpose. This is literally free money from the government.
You don’t have to go through the Small Business Administration, you can just walk into any bank and get a loan for two months' payroll. There will be a lot of paperwork, naturally, and things will be worked out over the next few weeks. But the loan is forgiven if you spend 75% on payroll, and you can even rehire laid off employees to get the money.
More info here:
This will evolve over the next few weeks, so if you are a small business owner and need to talk about this, give me a call here at 727-729-2719.