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Small businesses across the nation continue to be significantly impacted by the Coronavirus (COVID-19) outbreak, leaving them in need of financial assistance to stay afloat. As part of its Economic Injury Disaster Loan Program, the U.S. Small Business Administration (SBA) is providing low-interest working capital loans to small business owners affected by COVID-19. If you are interested in pursuing an SBA loan, here are five things you need to know:
Non-qualifying applicants may include, but is not limited to,
businesses with activity such as gambling, passive investments, multi-level
sales distributions, non-profit organizations recognized as private
non-profits, consumer and marketing cooperatives, religious affiliations,
lobbying, real estate development, life insurance services, government-related
entities, agricultural enterprises, feedlot operations, post-pandemic
establishment or recent changes in ownership, among others.
To avoid processing delays, consider these application tips:
If the loan request is denied, applicants have up to six months to provide new information and submit a written request for reconsideration. Click here to begin the application process.
If you are considering applying for other financial aid options offered by the federal government, please remember federal funds come with restrictions, so accepting funding or receiving approval from one program may cause you to become fully or partially ineligible for other options. There are some additional provisions in the CARES Act bill that has not been passed that would significantly expand the scope of these loans. Stay tuned for more information.
Congress is already far along in considering a fourth stimulus plan, so stay tuned. Doeren Mayhew and STA Wealth will continue to keep you up-to-date as things progress amongst the COVID-19 outbreak via Doeren Mayhew’s Coronavirus Resource Center. If you have any questions regarding this new law’s impact on your business, please feel free to contact your financial advisor at STA Wealth or a member of the CPA and advisory team at Doeren Mayhew.
Forgiveness on PPP Program Illustration:
This is for informational purposes. The information was prepared by STA Wealth Management and Doeren Mayhew CPA’s and Advisors this information has not been independently verified by a third party. STA Wealth Management LLC is not an affiliate of Doeren Mayhew CPAs and Advisors, their offerings, nor their management team.
Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security or product. Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by STA Wealth Management, LLC), or any non-investment related content, made reference to directly or indirectly during this event will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Moreover, you should not assume that any discussion or information presented serves as the receipt of, or as a substitute for, personalized investment advice from STA Wealth Management, LLC. To the extent that any recipient has any questions regarding the applicability of any specific issue discussed, he/she is encouraged to consult with the professional advisor or CPA of his/her choosing.