Many small businesses, like Best Service Plumber, are essential to the economy while others are not. However, with more people out of work, even businesses that still operate can experience troubles. To ensure that people who work for these companies still get a paycheck, the federal government has allowed for up to $349,000,000,000 in loans to keep small companies running. Find out more about this and if your business qualifies.
How Long Are Loans Available?
The Small Business Administration (SBA) will only offer these loans to businesses between February 15, 2020, and June 30, 2020. If you have a business with fewer than 500 employees, you need to calculate the loan amount that you need to keep your workers paid. The maximum loan that you can take out is 250% of your total payrolls for February 15, 2020 through June 30, 2020. If you use the loan to continue to pay your workers, you may qualify to have the loan amount completely forgiven.You have to fill out the loan application and file it sooner rather than later. There is a cap on the amount of funds available, and once it goes, you cannot get SBA loans under this program any longer.
How Can the Public Help?
Whether you work for a small business or not, these businesses play a critical role in the economy of most cities and states. Patronize small businesses whenever you can. While SBA loans can help, maintaining a customer base through this trying time is just as important to small businesses.Patronize local restaurants by choosing takeout or buying gift cards from them. Choose mom-and-pop shops instead of big-box stores for your groceries and other needs. Find services that have local owners and workers, such as Best Service Plumber.If you have a plumbing problem or an emergency that needs immediate attention, contact us 24/7 at 951-520-8557.