Emergency Grants For Small Businesses
Posted Apr 6, 2020
By the Lawyers at Beresford Booth
On March 27, 2020, President Trump signed into the law the CARES Act. The CARES Act was passed to address the economic impacts of the Covid-19 (coronavirus) outbreak. The Act authorizes the Small Business Administration (“SBA”) to provide Emergency EIDL Grants. An eligible entity will receive a grant of up to $10,000 by simply applying for an Economic Injury Disaster Loan. The grant will be paid to the applicant within 3 days of completing an application. Whether approved by the SBA for the loan or not, applicants will not be required to pay back any portion of the grant.
An eligible entity includes:
- A business or private nonprofit with not more than 500 employees;
- Any individual who operates under a sole proprietorship, with or without employees, or as an independent contractor;
- A cooperative with not more than 500 employees; and
- A tribal small business concern with not more than 500 employees.
Beresford Booth PLLC can assist you in the application process so that you can focus on your business. Whether you need help providing paid sick leave to employees, maintaining payroll, making rent or mortgage payments, or assistance repaying obligations that cannot be met due to revenue losses – an Emergency EIDL Grant provides an opportunity cover your losses during this unprecedented period.
BERESFORD BOOTH PLLC has made this content available to the general public for informational purposes only. The information on this site is not intended to convey legal opinions or legal advice.