What you should know about COVID 19 Small Business Relief
As a small business owner, it’s likely the recent events surrounding COVID 19 have you pivoting your business in ways you never imagined just a few short months ago. We know there has been a lot of information disseminated in recent days regarding the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and it can be challenging to decipher the various details.
At WorkLodge, we pride ourselves on being a strong partner and resource not only to the Lodgers that call our coworking space home, but to the greater business communities where we live and work. Below we have highlighted the two biggest items related to small businesses affected by COVID 19, as well as provided links to additional resources for both businesses and individuals during this time.
Now more than ever, our mission to ‘Be Amazing’ together is unwavering and our team remains committed to you and your business during these challenging times. Don’t hesitate to reach out if we can be of any assistance, and know we look forward to coming together again as soon as possible.
SBA Loan Relief Packages Included in the CARES Act:
Paycheck Protection Program (PPP) - This initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. The program is administrated through the SBA with applications being submitted by SBA approved banks.COVID-19 Economic Injury Disaster Loan - This program is the SBA’s Economic Injury Disaster Loan (EIDL), which provides working capital to survive until normal operations can resume. This is a direct loan from the SBA and does not go thru a financial institution.
Download the Small Business Owner’s Guide to the CARES Act
Additional Resources:
Small Business Administration – Small business guidance and loan resources during COVID 19Ready.Gov – Toolkits, videos and plans for business continuity. Disasters and emergency preparation by topic.
FEMA– Business continuity plan and emergency preparation.
IRS– Up-to-date information on the IRS's response to COVID 19Texas Workforce Commission - Unemployment information related to COVID 19
