The new CARES Act provides significant assistance to small businesses and nonprofits during the COVID-19 outbreak. Asheville SCORE's team of volunteers can offer you free assistance in navigating the various programs created by the CARES Act. There are three options you may want to consider for your business or nonprofit:
The Payroll Protection Program is a low interest loan program designed to help businesses retain as many employees as possible during the outbreak. Sole proprietors and independent contractors may also qualify for PPP. Some or all of the loan may be forgiven, provided the proceeds are used for items such as payroll or rent.
Economic Injury Disaster Loans (EIDL) are low interest loans designed to help small businesses and nonprofits weather these difficult economic times. Sole proprietors and independent contractors may also qualify for EIDL. This program includes an emergency advance of up to $10,000 which does not need to be repaid.
SBA Express Bridge Loans enable small businesses who currently have a business relationship with an SBA lender to access up to $25,000 quickly. These loans bridge the gap while applying for an EIDL.
SBA Loan Relief is available for current SBA loan holders. Under this program, the SBA covers all loan payments and fees for up to six months for qualifying loan holders.
In addition to these CARES Act programs, there are local programs such as One Buncombe, that may be able to help.
We understand how overwhelmingly difficult these times are for you, our valued clients. We are poised and ready to help you determine which programs can work for you and to guide you through the application process. If you would like help, please reply to this email or contact us at firstname.lastname@example.org.