Dear business owner,
I am reaching out to each of you during this time of ‘social distancing’ to remind you that we are all in this together, NOT to point out the dos and don’ts involving Covid-19!
The number of e-mails and newscasts regarding the subject are dizzying and confusing!!!
We know that business owners are concerned about paying their rent, suppliers and employees. But this is the opportunity to position your business for the turnaround. With that in mind I am passing on some information that may be critical to the survival of your business.
Last week, the Federal Reserve cut interest rates by 50 basis points (0.50%) in response to the impact the Coronavirus is having on the economy. The following is some of the information I have received from various sources over the last week or so.
Refinancing: After the rate drop was announced, we had someone call asking for advice on refinancing their business debt. Yes, this is a great time to do that, especially if you have a large loan! Think of all the interest dollars they can save.
SBA Disaster Loan Assistance (Economic Injury Disaster Loan EIDL)
Disaster Loan Assistance.
The SBA disaster loan is currently offering a 30 year, 3.75% loan with no minimum at this time. The business can fill this application out directly on their website
SBA Loan Application.
These new guidelines will help small business owners obtain capital. Advise your customers that the lenders are looking at the last two years performance.
us directly if you would like a referral to legitimate SBA lenders.
Congress has passed into law a legislation that will provide relief to Americans affected by the novel coronavirus (COVID-19).
The bill, called the Families First Coronavirus Response Act, includes provisions offering paid sick leave for impacted workers and free COVID-19 testing.
Facebook Small Business Grants Program: Facebook is quoted: We know that your business may be experiencing disruptions resulting from the global outbreak of COVID-19. We’ve heard that a little financial support can go a long way, so we are offering $100M in cash grants and ad credits to help during this challenging time. The full details are not yet available at this time.
You are encouraged to keep up to date with the ever-changing financial landscape. We are hopeful that state, local and federal actions will continue to find ways to mitigate some of the hardships that businesses are facing.
On behalf of the staff of Quorum Business Advisors we hope that you and yours remain safe and healthy throughout this period.
Anthony John Rigney BCI