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Economic stimulus offers resources for businesses and individuals

March 30th, 2020 / By: / COVID-19, News

President Donald Trump has signed the largest economic stimulus package in U.S. history. The $2.2 trillion package includes $1,200 checks for many citizens, billions of dollars for company payrolls and expanded unemployment benefits. 

Fortune magazine’s Q and A provides a breakdown of what American companies and individuals can expect in the weeks ahead for checks and programs. More information can be found at https://fortune.com/2020/03/25/stimulus-check-coronavirus-relief-bill-when-checks-sent-who-qualifies-how-much-retirees-taxable-direct-payment-faq/

Small business assistance

According to Fortune, the act includes $349 million for the U.S. Small Business Administration (SBA) to guarantee loans through its 7(a) loan program. The SBA is also offering Economic Injury Disaster Loans for qualifying small businesses. These are low-interest loans with terms as long as 30 years for small businesses and nonprofits. To apply for a SBA loan, visit its site. Business owner will have to provide the following information:

  • Tax Information Authorization (IRS Form 4506T), completed and signed by each principal or owner
  • Recent federal income tax returns
  • Personal Financial Statement (SBA Form 413)
  • Schedule of Liabilities listing all fixed debts (SBA Form 2202)
  • You may also need to provide profit and loss statements, recent tax returns, and balance sheets.