Description: Lynnette explains the SBA Economic Injury and Disaster loan program, free grants, and how it can benefit small business owners and freelance contractors.
Lynnette Khalfani‑Cox: If you’re a small business owner and you need some extra cash to keep you afloat during the COVID‑19 or coronavirus crisis, I want to encourage you to look into grants and loans now available from the Small Business Administration, or the SBA. You can get up to $10,000 in emergency grants in as quick as three days.
Also, if you’re thinking about getting a loan, you should know that all that red tape of the past is just that, a thing of the past. If you’re going to get, say, a loan of $200,000 or less, they’ve waived a lot of the normal rules.
For instance, you won’t have to make a personal guarantee to achieve the loan, nor will you have to give them things like your tax returns or tax transcripts for smaller dollar loans. Overall, they’re offering loans up to $2 million at interest rates of just 3.75 percent. That’s super low in this environment.
Finally, what about those of you who already have an SBA loan? Guess what, you can get the government to pay those payments on that loan for six months. That’s what they’re offering right now.
Again, I want to encourage you to look into SBA grants or loans if you need that right now during the coronavirus crisis.
Read our article COVID-19 and Coronavirus Cash: 7 Ways to Get Fast Money and Economic Relief