An April 9 Update on Economic Stimulus for Business
A reminder of my recommendations:
Make a re-build financial plan. Re-visit it often **
Apply for the PPP loan -- see info below*** . It’s a great cash source from a forgivable loan. Even if not all of it is forgiven, you pay the remainder only back over 2 years at 1% interest. Apply at your bank.
Apply for the SBA Economic Injury Disaster Loan [EIDL] **** A longer term re-build loan at an unprecedented business rate of 3.75% . https://covid19relief.sba.gov/#/
And now, more info on the California $50 million I-bank funds for small business
Gov Newsom announced that these funds are for small businesses who do not get Fed assistance – yet, there is no mention of that on the website. I recommend you apply for it right away.