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Coronavirus (COVID 19) and SBA Disaster Loans

Small businesses throughout the nation are experiencing unprecedented challenges in the wake of the Coronavirus (COVID 19) crisis.  With many states requiring social distancing and limited—or no service— of restaurants, salons, and more, the economic toll is frightening.  The Coronavirus Preparedness and Response Supplemental Appropriations Act, signed by the President, provides disaster loans to help businesses during this difficult time. If you are a small business and you need help applying for financial assistance under the Small Business Administration (SBA), our firm is here for you.

 

Small Business Administration (SBA) Economic Injury Disaster Loans

A recent survey conducted by the National Federation of Independent Business (NFIB), found that 76 percent of respondents say that COVID 19 has negatively affected their business. Of the 700 responses studied, other significant data included:

  • 54 percent reported slower sales.
  • 68 percent expressed concern about the potential impact of the virus on their business.
  • 23 percent are experiencing supply chain disruptions.

The federal government has established economic injury disaster loans to assist small businesses. The Economic Injury Disaster Advance Loan fills an immediate need for businesses by providing financial assistance of up to $10,000.  Once you successfully complete and submit your application, funds are typically available three days after approval. The advance loan does not require repayment.

In addition to the advance loan, small businesses can also apply for loans to use for the following:

  • Assist with payroll
  • Pay fixed debts
  • Accounts payable

These low-interest loans have a rate of 3.75 percent interest for small businesses and 2.75 for nonprofits. Long-term repayment options are available. The terms of the loan vary among businesses.  The stress of the situation may lead you to misinterpret the types of information requested. An application filed with errors can only serve to slow down your need for assistance. At the Law Office of John W. Redmann, LLC, we can review your application and help you get it right the first time.

Navigating the SBA Loan Process

The emotional and financial stress small business owners face on a day-to-day basis makes navigating the loan process difficult. With your mind on your employees, your expenses, and the future of your business, it is hard for most people to focus. Additionally, there are the numerous precautions you must take to protect your health and that of your family.

The economic injury disaster loans administered by the SBA may help your business during this global health crisis. Determining if your business qualifies for an SBA loan is where the Law Office of John W. Redman, LLC can assist you.  We know how to break-down the complex language federal loan applications often contain and how to streamline your information for better results.

Time is of the essence for applying, receiving, and using these important funds to maintain your business. While no one knows what the future holds, it is important that you take advantage of all available opportunities designed to help you. The process of applying should not prevent you from exploring your options for an SBA loan.

While the loan application process channels through your local bank, the process remains complicated for business owners and overwhelming for bankers. The Law Office of John W. Redmann, LLC can cut through the clutter and secure the answers you need. If necessary, we can contact the SBA for further explanation regarding details that apply to your specific business.

Let the Law Office of John W. Redmann, LLC Help You

At the Law Office of John W. Redmann, LLC, we want to help small businesses with the federal loan application process. Like many Americans, we share the concern regarding our health and the economy. We believe that America is stronger when we support one another during difficult times. This is why we want to ease your stress by ensuring your loan application is complete and accurate.

A returned or denied application is a delay your small business can’t afford. Our legal team can review your application and identify key areas that may make—or break—your application.  By ensuring your application is done right the first time, you can rest easier knowing that you that possible help is on the way.

Our staff is friendly, professional, and eager to assist you. They carefully explain the loan application process in ways that are easy to understand.  The Law Office of John W. Redmann, LLC strives to support small businesses, knowing that their existence is essential to a successful economy.  Many small business owners in our community are our friends and neighbors.  Securing legal representation to protect the multiple challenges you face during this difficult time is a smart idea. You have worked too hard to build your business to let COVID 19 harm it forever.

This time of crisis demands that we find creative ways to help small businesses survive. If you are a small business that is experiencing financial hardship due to COVID 19, we can help you.  Take action to protect your business by reaching out to our team today. The sooner we review your application for accuracy and errors, the sooner you can possibly gain approval for much needed financial assistance.

Community Partners Working Together

The SBA Economic Injury Disaster Loans are just one piece of the overall effort the federal government is implementing to help small businesses. No one knows when business, as usual, will resume or what business models may look like once our nation gets through this health crisis.  Call the Law Office of John W. Redmann, LLC now: (504) 500-5000 or contact us online. We are all in this together. Don’t miss your chance to help your employees and to maintain your years of hard work. The SBA loans are helping millions of small business owners just like you. Let our team review your application today so that there are no delays for your small business.