CORONAVIRUS RELIEF HELP

The Federal Government through the Small Business Administration has several relief options for businesses, and the self employed.

The first is the Paycheck Protection Program (PPP).  The PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities, however, 75% of the money must be used for payrool in order to get forgiveness of the loan.    The following entities affected by Coronavirus (COVID-19) may be eligible to apply for the PPP:

          • Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard);
          • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
            • 500 employees, or
            • that meets the SBA industry size standard if more than 500;
          • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location; and
          • Sole proprietors, independent contractors, and self-employed persons.

More information on the PPP can be found here.

The second is the Economic Injury Disaster Loan Emergency Advance (EIDLEA).  small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.  This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.  Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.  More information on the EIDLEA can be found here.

I will be attending the Holiday Lunch hosted by the New Haven Chapter of Score

Tomorrow I will be attending the Holiday Lunch hosted by the New Haven Chapter of Score at Brazi’s Italian Restaurant in New Haven.

SCORE is a nonprofit association dedicated to educating entrepreneurs and helping small businesses start, grow, and succeed nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA), and has been mentoring small business owners for more than forty years.

Founded in 1964, SCORE is headquartered in Herndon, VA and has 364 chapters throughout the United States and its territories, with over 13,000 volunteers nationwide.

I donate my time to Score helping individuals with your inventions and trademarks, and other legal questions.

For more information about the New Haven Chapter of Score, go here.

I made my first SCORE presentation today!

Today I  presented at a SCORE Pre-Business workshop.  SCORE provides expert mentoring and education to thousands of startup and existing businesses.  My topic was Legal Considerations for Small  Businesses.  The next local SCORE Pre-Business workshop is November 13, 2019 at Gateway Community College in New Haven.  More information can be found here.