COVID-19 Loan Programs for Small Business with Gerri Detweiler
An overview of latest resources and information on the COVID-19 PPP and EIDL loan programs for your small business with credit and finance expert Gerri Detweiler. Additional funding for these SBA programs is available starting Monday, April 27, 2020.
Find more details about COVID-19 programs and resources on our COVID-19 Information Page.
Best Sources of COVID-19 Information:
- Small Business Administration (SBA)
- Centers for Disease Control (CDC)
- US Department of The Treasury – CARES Act
- SCORE COVID-19 Resources for Small Business
IMPORTANT: As our government agencies release new and sometimes conflicting guidance, it’s important to understand that each business owner must assume the responsibility of interpreting the guidance applicable to their marketplace, state, and individual business circumstances and respond accordingly. The information we are sharing here and on our podcast is just our current understanding of these different assistance programs and we are not experts on this subject. You must consult with your CPA, attorney and other professionals for additional guidance before making any decisions based on the information we are sharing with you.
In this episode, Henry Lopez focuses on these top action items to help your small business business during the cornavirus crisis:
Top Action Items:
- Additional funding is now available for the federal loan programs…
- Apply for (online) the SBA Economic Injury Disaster Loan Program (EIDL) and Loan Advance (Grant) as soon as the SBA site reopens: Apply Online Here
- If you believe you may qualify, you should seriously consider applying (through your local SBA-approved bank) for the Paycheck Protection Loan (PPL) through your local SBA- approved bank. If you have already submitted your application, contact the bank for an update and to confirm they have everything they need from you at this time.
- Avoid Scams! There are no fees for these loan programs for small business owners. If you are asked to pay a fee, to get to the front of the line for loan processing for example, this is a scam!
About our guest – Gerri Detweiler:
Gerri Detweiler is a leading, nationally recognized financing and credit expert, with more than 20 years of experience. During the 2008/2009 financial crisis, Gerri was interviewed hundreds of times, providing insightful expertise and actionable advice for traversing the turbulent landscape and unknown change. Today, she serves as Education Director for Nav, the trusted financing partner of over 1.2 million businesses, where she gives Nav’s customers certainty in an uncertain world through expertise and actionable advice.
Topics discussed during this conversation with Gerri, related to the COVID-19 Loan Programs for Small Business, include:
- What to consider if you are rejected for one of the small business loan programs.
- Gerri suggests you apply to multiple lenders for these SBA loans.
- What are the requirement for qualification for these small business loans?
- How do these programs apply to 1099 or independent contractors?
- More clarity on the PPP loan forgiveness rules.
- What is the potential impact on your personal and small business credit rating and score?
- There are no fees associated with these loans – avoid scams!
- Does An Owner Draw Count As Salary for the Paycheck Protection Program (PPP)? Read Gerri’s Article
Henry Lopez is the host of this episode of The How of Business podcast and a serial entrepreneur and business coach with over 34 years of diverse business experience, including successful careers in information technology, sales, sales training, real estate, and business ownership.
You can find all previous episode of The How of Business podcast on our Archives page.