Good News to many contractors!
Contractors can getting up to $10,000 from the government due to lost work during the virus. It would be good news to many of our clients and contractors.
Economic Injury Disaster Loan (EIDL) This portion of the CARES Act deals with SBA loans. Most of the emails from my clients relate to applying for an advance of $10,000 directly on the SBA website. The good news is over the weekend the SBA created a streamlined process to apply for the money. Initially, the SBA requested a number of financial documents, but after looking at the new process last night, it doesn’t seem too burdensome. The $10,000 is treated as a grant (neither taxable nor repaid), as long as the money is used to cover salaries (under $100,000), rent, interest on loans, and utilities between February 15, 2020 and June 30, 2020.