PAYCHECK PROTECTION PROGRAM FOR NEW BUSINESS:
New businesses can use the Paycheck Protection Program to get the resources they need to manage payroll, rehire prospective layoffs, and cover critical overhead costs.
The Paycheck Protection Program, which was established by the CARES Act, is managed by the Business Administration with help from the Department of the Treasury. This programme provides new businesses with funding to cover up to 8 weeks’ worth of payroll costs for benefits. Additionally, money can be used to pay for rent, utilities, and loan interest.
Under the Paycheck Protection Program, which has $659 billion in cash approved for job retention and other costs, millions of Americans who work for small businesses are given priority.
New businesses, qualified nonprofit organisations, veterans organisations, tribal enterprises as defined in the Small Business Act, as well as those who work for themselves or as independent contractors, are eligible if they also meet the programme size requirements.
QuiqLoans provides PPP loan for new business in Los Angeles to help small businesses.
NEW BUSINESS ECONOMIC INJURY DISASTER LOANS:
In reaction to the Coronavirus (COVID-19) epidemic, new business owners in all 50 states, Washington, D.C., and all U.S. territories are eligible to qualify for an Economic Injury Disaster Loan advance of up to $10,000. Thanks to this improvement, businesses that are now experiencing a temporary decline in sales will feel more comfortable financially. If your application is accepted, money will become available. This credit advance does not need to be paid back. If a company obtains both a Paycheck Protection Program (PPP) loan and an Economic Injury Disaster Loan advance, the SBA will deduct the Economic Injury Disaster Loan advance amount from the Paycheck Protection Program (PPP) loan forgiveness amount.
The SBA offers its Economic Injury Disaster Loan programme to assist new businesses in recouping their short-term revenue losses brought on by the COVID-19 epidemic.
This programme is open to any newly established business (including sole proprietorships, independent contractors, and self-employed individuals), private non-profit organisation, or 501(c)(19) veterans groups.
A company may employ more than 500 people if it satisfies the SBA’s size standards for that sector.
The Economic Injury Disaster Loan advance will be made available after a successful application; this loan advance does not need to be paid back.