What to know about SBA loans What is an SBA loan? SBA loans are small-business loans guaranteed by the SBA and issued by participating lenders, mostly banks. The SBA can guarantee up to 85% of loans of $150,000 or less and 75% of loans of more than $150,000. The average 7(a) loan amount was about $425,500 in 2018, according to the agency’s lending statistics. The program’s maximum loan amount is $5 million. If you’re looking to open a new […]
Economic Injury Disaster Loans and Loan Advance To apply for a COVID-19 Economic Injury Disaster Loan, click here. In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic […]
To help hospitality businesses make ends meet in the midst of the COVID-19 pandemic, DCEO is launching the Hospitality Emergency Grant Program with $14 million drawn from funds originally budgeted for job training, tourism promotion, and other purposes. Grant funds are available to support working capital like payroll and rent, as well as job training, retraining, and technology to support shifts in operations, like increased pick-up and delivery. Please read the following and then fill out the form linked […]
https://email.somercor.com/federal-guidance-on-small-business-relief-programs-03-31-2020 On March 27th, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. This $2 trillion package includes two key provisions to provide support for America’s small businesses: […]
COVID-19 Resources Below are links to programs and resources being made available to small businesses affected by the response to the COVID-19 outbreak. We will continue to post updates as new information becomes available. Hospitality Emergency Grant Program – DCEO To help hospitality businesses make ends meet in the midst of the COVID-19 pandemic, DCEO is launching the Hospitality Emergency Grant Program. Grant funds are available to support working capital like payroll and rent, as well as […]
As the financial realities of this crisis begin to impact small businesses, we reached out to local lending partners for some advice on how to approach a bank about your circumstances. Below are a few pointers and programs to consider. We hope this is helpful. Businesses with an existing lending relationship: Any business experiencing hardship due to the impact of the coronavirus should contact their lender right away about temporary payment modifications or to increase existing working capital […]
America is on Life Support! What’s Going On Here? Workin’ nine to five, was a way more than three million Americans used to make a livin’: data out on Thursday showed the most ever filed for unemployment benefits last week. What Does This Mean? The 3.28 million Americans who filed for unemployment wasn’t just a massive jump from last week’s two-and-a-half-year high: it also eclipsed economists’ forecasts and made the previous record of 695,000 – set during the Great […]
Here is a simple summary of the extended tax deadline from the IRS: (Still please consult with your accountant for details, he or she would know the drills) The government recently extended the tax deadline for federal returns and any tax payments to July 15 from April 15, and the Internal Revenue Service this week is now offering key details on the change.See the link below for more details from the IRS Here’s what you need to know […]
Leadership is a matter of the head and the heart–it’s about results and relationships. So, if you’re in a leadership role now or aspiring to one, the journey toward leadership greatness never ends. Your leadership must promote a culture where feelings of loyalty and a sense of purpose are felt among all the staff. You need to be approachable and open: Keep an open-door policy; Share information; Spark up non-work related conversations; Be human and show your sense […]