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As an Atlanta website design company who works hand in hand with many small business owners, we see first-hand the strain this virus pandemic has put on all of us. Small business owners right now have no choice but to lay-off employees and even close down businesses for an unforeseen amount of time. One client in particular, a bankruptcy attorney in Atlanta, has seen an influx of new cases and thinks it’s only going to worsen.
According to Chase, the average business holds cash reserves to cover only 27 days of expenses. If this is you, you already know that the clock is ticking and soon you will run out of money to pay your bills and mortgage.
The CARES act (an acronym for Coronavirus Aid, Relief and Economic Security Act) is a stimulus package that can help small business owners going through financial hardships. The key here is to figure out which one you qualify best for:
EIDLs were created in the event of a natural disaster. The Coronavirus was recently declared a new type of disaster. Now businesses nationwide are eligible to apply for ‘Economic Injury Disaster Loans.’
Here are some quick notes on it:
To apply directly via the SBA go to www.SBA.gov/disaster. When applying, be sure to apply for Economic Injury for the Coronavirus rather than physical damage due to a disaster. You have to have been in business since January 21, 2020 to qualify. For more information, visit www.sba.gov/coronavirus.
As of now, there is no guaranteed timeline as to how fast you’ll receive the money, so the best advice is to apply now.