SMALL BUSINESS PAYCHECK PROTECTION PROGRAM:
With the help of the Paycheck Protection Program, businesses can get the money they need for payroll administration, the rehiring of possible layoffs, and the payment of necessary overhead costs.
The Paycheck Protection Program, which was established by the CARES Act, is managed by the Small Business Administration with help from the Department of the Treasury. Employers can obtain funding through this programme to cover their benefits payroll costs for up to 8 weeks. In addition, money can be used to pay for utilities, rent, and loan interest.
Under the Paycheck Protection Program, which has $659 billion in cash allocated for job retention and other costs, millions of Americans who work for businesses are given priority.
Businesses, qualified nonprofit organisations, veteran organisations, tribal enterprises as defined by the Small Business Act, as well as individuals who work for themselves or as independent contractors, are eligible if they also meet the programme size requirements.
To aid business firms, QuiqLoans provides small Business PPP in Los Angeles.
AFFECTED BY SMALL BUSINESS LOANS IN ECONOMIC DISASTER:
In response to the coronavirus (COVID-19) epidemic, small company owners in all 50 states, Washington, D.C., and all U.S. territories may be eligible for an Economic Injury Disaster Loan advance of up to $10,000. This change will make small firms that are currently experiencing a slight decline in sales feel more secure financially. The funding will become available once your application has been accepted. This credit advance is not subject to repayment. If a business obtains both a Paycheck Protection Program (PPP) loan and an Economic Injury Disaster Loan advance, the SBA will deduct the sum of the Economic Injury Disaster Loan advance from the Paycheck Protection Program (PPP) loan forgiveness amount.
Small businesses can use the SBA’s Economic Injury Disaster Loan programme to help them recover from the COVID-19 epidemic’s short-term income loss.
This programme is open to any company (including sole proprietorships, independent contractors, and self-employed people), private non-profit organisation, or 501(c)(19) veterans group.
A company may employ more than 500 employees if it satisfies the SBA’s size standards for that sector.
The Economic Injury Disaster Loan advance will be made available following a successful application; this loan advance doesn’t need to be repaid.