As of yesterday, the SBA has changed the rules.
The SBA has greatly simplified the program. Here are the details:
Click here to see attached document
· A business can apply for a $10,000 advance with their SBA disaster loan the advance is forgiven (becomes a grant)
· The business only needs the following information to apply:
o 2019 sales
o 2019 cost of goods sold
o Number of employees on payroll on 1/31/2020
o Owners personal info (SSN, birthdate, birth city, residence, cell phone, etc)
§ Owners that own 20% or more of the business must provide this
o Name of business bank and account number and routing number
§ This is where they will automatically deposit your $10,000
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