Considering applying for the economic injury disaster loan or the Payroll Protection Program? In this video I’ll explain how and why you should apply for the Payroll Protection Program. While this is part of the CARES ACT and SBA this particular forgivable loan is done through your local SBA approved bank. I’ll explain how the loan converts to grant money for small business, sole proprietors, and gig workers and is different from the eidl. This part of the coronavirus stimulus is being driven by the treasury department and is even more important than the stimulus check.
Since the coronavirus outbreak our economy has lost nearly 50% of GDP and this has stressed every business to some extent. Even if you feel that the pandemic has had less of an impact on your sole proprietorship or company than others you know it doesn't hurt to know what programs are available to help you with short term cash flow.
Here is the application link for the PPP program https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf