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Covid 19 Economic Stimulus Government Assistance

More people have filed for unemployment in the last two weeks up until April 2nd than have filed for unemployment in the last 10 months! To say that businesses are suffering from the effects of the Coronavirus (also known as Covid-19) nationwide is an understatement.

That’s why the The Federal government has passed a $2 trillion coronavirus aid package to help American businesses stay afloat during these hard times. It’s called the CARES Act, and here’s how it can help you…

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What Is the CARES Act?

The US Government has provided available funding for individuals, large corporations, small businesses, public health, state and local governments and education to help the economy stay afloat as people and businesses come to a halt from the effects of the Covid-19. It is referred to as the CARES Act, or, the Coronavirus Aid, Relief and Economic Security Act.

Common problems that small businesses may be experiencing due to the coronavirus include:

  • Access to capital to maintain business financials
  • Meeting Payroll Obligations
  • Loss of available inventory
  • Funds to continue marketing campaigns
  • Funds to pay suppliers
  • Adjusting to providing remote work access to employees

And anything related to the above. The total funding for the CARES Act adds up to $2 trillion, and approximately $377 billion is set aside for the US Small Business Administration to provide working capital loans or grants to companies who have suffered economic injuries from the Coronavirus effects.

Funding Terms & Eligibility

Any small business owner in every US territory or state is eligible to apply for a disaster loan if you’ve suffered the loss of revenue from the effects of the Coronavirus. Loans can be used to make debt payments, provide working capital for payroll, accounts payable or any other bill required to keep your business functioning.

Businesses can receive up to $2 million in funding. Interest rates are 3.75% for small businesses and 2.75% for nonprofit organizations with a repayment play of up to 30 years to ensure payments are affordable during the crisis.

Furthermore, US small businesses are also eligible to apply for a loan advance/grant of up to $10,000 to provide added assistance to businesses suffering imminent losses of revenue. The loan advance does not have to be repaid.

How to Get Started?

Getting started doesn’t have to be as complicated as it sounds. The easiest way to make the most out of the available funding for your business is seeking out the help of a trusted professional to guide you through the loan application.

Sabine Financial is a group of trusted financial consultants that can ensure you get access to capital right away! When applying for a disaster relief loan or advance from the effects of the Covid-19 it is important to get the right advice . You’ve got questions and our consultants have answers!

We’ve enabled our consultants to provide you with the information and assistance you need through remote advice via phone, email or even video conference with services like Zoom or Skype as needed. To get your loan application submitted in as little as 15 – 30 minutes, call Sabine Financial today to get you the money you need during these uncertain and trying times!