COVID-19 Small Business Loans
Small businesses throughout the US have been severely affected by the COVID-19 pandemic. Throughout the US and the world, small businesses all over are closed, and some can be permanently closed if the situation does not lessen. The Federal government has enacted several programs for small businesses and individuals throughout the US that have been affected by the pandemic. The Payment Protection Program has been put into place by the US government, offering almost $400 billion in stimulus to businesses affected by the pandemic.
This program was put into place to allow businesses to pay expenses for their business, and to provide employees with a paycheck, or to even rehire employees that have been laid off. There are many requirements that may be met before acquiring your loan. Pride Legal is here to help you through these tough times and to acquire your loan without having to pay anything back to the government.
How much would I be eligible for?
Businesses with fewer than 500 employees, as well as non-profit organizations and sole proprietors, are eligible for acquiring their loans. Businesses may receive 2.5x their total monthly payroll, with a maximum of $10 million. As some businesses have laid off many of their employees, the monthly payroll would be from before the pandemic. There is a 1% interest, and payments may be different for up to 4 years. With the help of Pride Legal, you won’t need to pay back a dime. Companies like Ruth Chris’ Steakhouse have already taken out loans of $20 million for ‘employee expenses.’ Their law team was able to read the program rules, and quickly come up with a plan to acquire the ‘loan’, without needing to pay the government back. Depending on your circumstances, you may be eligible for a COVID-19 small business loan.
How do I know if I’m eligible?
Pride Legal will be able to help you understand how much you will be able to acquire from the loan, how you can pay it back (or not at all), what kind of loan you need to apply for, and how to maximize the use of your loan. These loans do not require any collateral, nor do they require a prior history of good credit. The Fed has enacted these rules to help speed up the process of getting your loan, so many people do not have to be laid off. Although many banks are slowing down and do not have payments readily available, getting in contact with a Pride Legal attorney can help expedite the loan process.
How can I be sure my loan is forgivable?
There are several criteria that must be met in order to receive your loan, and there are even more steps to ensure that your loan will be forgivable. With the assistance of a Pride Legal attorney, we can help you create a plan to follow in order to make sure that your loan will be forgivable, and that you won’t need to pay anything back to the government once the pandemic is over.
A COVID-19 small business loan provided by the federal government can help you maintain your business.
Contact Pride Legal
Together, we can be sure you will have access to the payment you need, without needing to pay anything back. Applications open April 10, and close on June 30. Contact Pride Legal now for your free consultation. To protect your rights, hire someone who understands them.