There are lots of questions about business loan options in light of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and national emergency declaration. The Small Business Administration (SBA) is offering Economic Injury Disaster Loan Assistance (EIDL), while the CARES Act includes a Paycheck Protection Program (PPP). If you have no employees as a self-employed entrepreneur or business owner, you still qualify for both of the programs with the right documents.
With a tremendous amount of frustration by small business owners operating as sole proprietors and trying to obtain a Paycheck Protection Program (PPP) loan we want to provide some relief and reliable information. To make matters worse, many bankers and loan officers have been overwhelmed by the number of applications, the speed of the stimulus roll out and sporadic SBA guidance regarding protocol for sole proprietors.
Many are left wondering which program makes the most sense for their business needs. Attached is a preview of our comparison chart to help identify the best course of action.
Businesses should work closely with us as your Tax Professional and Adviser to determine what makes the most sense for their unique situation.
We are providing valuable information for your reference. Here are the details of your options: CLICK HERE
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