MONTGOMERY, Ala. – Alabama Small Business Owners are being urged to respond to the COVID-19 (Coronavirus) pandemic by taking steps to ensure their business will withstand the troubling economy.
Gov. Ivey exhorted small businesses to be proactive in applying for financial relief.
Final guidelines for how the federal government will distribute financial relief to Alabama’s small businesses will be released very soon. In the meantime, small business owners need to contact their local banker, accountant, financial advisor or credit union today to get the latest details about who is eligible, what documents are needed and how best to apply for funding relief caused by the coronavirus.
“This coronavirus has disrupted life as we know it, including the critical economic role played by Alabama small businesses,” said Governor Kay Ivey. “Only a few short weeks ago, our economy was the strongest it had been in the past 100 years due to the hard work and entrepreneurship of Alabama Small Business Owners. We need our businesses up and running and back at full employment as soon as possible. I urge business owners to act today and be prepared to apply for assistance designed specifically to get them in front of the line when relief checks are written.”
There are two key dates in this financial relief program for small businesses.
- Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Other regulated lenders will be available to make these loans as soon as they are
approved and enrolled in the program.
Below is more information from the Small Business Administration that will provide more information of key dates and what you need to apply.
[su_document url=”https://www.sylacauganews.com/wp-content/uploads/2020/04/PPP-Borrower-Information-Fact-Sheet.pdf” width=”720″ height=”980″]A direct link to the attachment above is here.
The U.S. Treasury Department’s website provides specific information regarding the resources being made available related to Coronavirus relief, including initial guidance.
Under the section entitled Assistance for Small Businesses, there are four links entitled:
- Top-Line Overview of Program
- Lender Information
- Borrower Information
- Application for Borrowers
This is preliminary information and additional guidance is expected.
