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LATEST NEWS ON COVID LOANS AS OF 4/24/20: Watch the Video to learn how to access $300B of funding (expected to be gone within 2 days).

Get the COVID Financial Support Your Business Needs! 

Leave the Loan Programs to Us.

The race to apply for 2nd Round of $300B

Watch this pre-recorded webinar from 4/24 to learn strategies to access Covid funding.

Hosted by CPA MOMS Founder, Mayumi Young, CPA, and presented by Tom, Entrepreneur & successful PPP recipient.

$300B of 2nd round of PPP funding expected to be gone in 2 days. Large banks are telling clients to apply elsewhere. Funding approved on 4/24 but expected to be gone within 2 days. Apply everywhere you can ESPECIALLY community banks TODAY! You have no limited to where you can apply.

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COVID-19 Resources

SBA Paycheck Protection Program (PPP)

Please note: As of 4/16/20, the PPP loan is currently on pause due to the overwhelming number of applications that have exceeded $349 billion of allocated funding limits. Most banks are not accepting applications, but some are still accepting applications. There is another bill waiting for approval, so prepare your loan application. 

Paycheck Protection Program (PPP) – You apply for this loan through an SBA approved bank that is accepting PPP applications. You do NOT apply directly through SBA. The loan value is calculated based on average payroll paid to employees (not independent contractors) 1 year prior to February 15, 2020 times 2.5.

Here is a direct link to learn more about this option: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

Summary of Small Business Administration (SBA) Covid Relief Options

Please note: As of 4/16/20, the EIDL advance is currently on pause due to the overwhelming number of applications that have exceeded $349 billion of allocated funding limits. The SBA is not accepting applications. There is another bill waiting for approval, so prepare your loan application. 

Emergency Injury Disaster Loan (EIDL) – You apply for this loan directly through the SBA. They are currently offering an advance of $1,000 per employee up to 10 employees for each entity.

Here is a direct link to learn more about this option: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

SBA - Express Bridge Loan

SBA Express Bridge Loans –  This is available to businesses that have an existing relationship with an SBA lender to access up to $25,000. This is NOT the same as the SBA Express Loan.

Here is a direct link to learn more about this option: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

SBA - Debt Relief

SBA Debt Relief – The SBA will pay your monthly principal & interest payments for 6 months on your behalf if you have an eligible SBA loan. It does not defer the payment nor add on to your current loan. It is free money. If you have a current business loan, check with your lender to see if your loan qualifies. If not, ask for payment deferments as an alternative.

Here is a direct link to learn more about this option: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

A Bank Still Accepting PPP Loan Applications

Kabbage is still accepting and reviewing PPP loan applications.

https://www.kabbage.com/

The SBA is not currently accepting new PPP loan applications. Based on Kabbage’s contact with the government, they are confident more funds will be available soon.

Until then, Kabbage is continuing to review applications so there’s no delay in processing once additional funding is approved. We encourage you to apply online.

Facebook Small Business Grants Program

Facebook is offering $100M in cash grants and ad credits.

To be eligible: Up to 30,000 eligible small businesses in limited cities where they operate will be able to receive the grant. To be eligible to apply, you must:

  • Be a for-profit company
  • Have between 2 and 50 employees
  • Have been in business for over a year
  • Have experienced challenges from COVID-19
  • Be in or near a location where Facebook operates

Learn More by visiting their site: https://www.facebook.com/business/boost/grants

Locations accepting applications as of 4/20 include:

  • Available now – New York City and Seattle
  • Available now – San Francisco Bay Area
  • April 22 – All other eligible US cities
Deferring Personal & Business Debt

Most banks and credit unions are working with their borrowers to help defer monthly payments during this crisis. Please contact your bank to see what your options may be. This includes mortgage payments, bank loans and other debt service costs.

NDN Collective Grants to Tribal Nations

Provides immediate relief to Tribal Nations, front line Indigenous-led organizations, and individuals who are providing essential services to Indigenous communities in North America during the current global health pandemic within the next 15-45 days to provide gap resources during this health crisis.

https://ndncollective.org/covid-19

Covid Business Debt Restructuring

Covid Business Debt Restructuring

    On a previous post, we talked about the need to restructure and renegotiate all of your debt (Read More HERE: https://cpa-moms.com/covid-blog-financial-business-survival-strategies). We'll share some simple strategies you can implement today.  #1: SBA...

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Covid SBA Loans Simplified

Covid SBA Loans Simplified

    I was a little confused at first about where to go on the SBA website (https://sba.gov) to access the small business Covid funding available. As busy entrepreneurs, I find the need to for information to be simplified. I want to know what to pay attention...

read more

Covid Loan Options for Small Businesses

Watch this pre-recorded webinar to learn what small business Covid Loan options are available

Hosted by CPA MOMS Founder, Mayumi Young, CPA, and presented by Laura Dohanes, CPA, and Michael Simms, Business Coach.

Are you tired of navigating through all the current COVID loan options for your business?  Are you looking for a “Done-for-You” resource? Then you’re in the right place! This pre-recorded webinar includes CPA providing small business loan options that will help your business thrive during this difficult time.

 

INSTANT ACCESS

Complete this form to get INSTANT ACCESS to COVID resources webinar hosted by ACCOUNTING EXPERTS that will help get your business back on track!

CPA MOMS is the “Done-for-You” COVID Financial Resource

CPA MOMS® is your business’s specialized resource to guide you through the COVID-19 relief lending programs. We will support you in all your needs from reviewing financials, matching you with the loans that apply to your business and putting together application packages. The current crisis is ever changing and keeping our clients up to date on the latest news and loan requirements is our number one priority. 

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