As we all anxiously await for congress to approve the Cares Act, rather than get too focused on conjecture, the best thing a business owner or entrepreneur can do today is get their financial information organized. We will be ready to advise you on what the legislation means and is inside soon after it passes. Meanwhile, our daily webinars remain available, and you can sign up here.
If your business was not cash flow positive last year and has been around for less then two years, your best bet for relief is likely to be going directly to the SBA to apply for a loan. The SBA is providing webinars on how to navigate this process, and if you are thinking about applying, we encourage you to register for one in your area.
If your business has been around for at least two years and you had a good year last year, you should consider applying for a loan directly through an SBA lender, as this process will likely get you to the finish line faster. You can reach out to a local bank, or if you want our help at no additional cost, you can sign up here. Keep in mind that whatever route you choose, you want to work with a Preferred Lending Provider to the SBA who will be able to submit for automatic approvals once you are through underwriting.
We know that for many small businesses, the process of getting your financials together for your loan application can be daunting. That's why we have launched Sbacoronasupport.com, where CPAs, bookkeepers, etc., can offer their help, and small businesses can find resources. Some providers are pro-bono, and others are for a fee. Keep in mind that this is a community service for us, and we can’t vouch for any of these providers.
Many states and cities are launching programs to help small businesses, and this could be an excellent option to consider. While we don't have time and resources to become experts on each program, we are rapidly assembling a list and hope to have it posted later today.