We’re hearing a lot about how small businesses with employees can leverage programs to help their employees through unemployment benefits with a COVID relief loan; or the Paycheck Protection Program (PPP), but what if you don’t have employees? Or are an independent contractor? Are you still eligible for loans or aid to keep your business going through this COVID-19 pandemic? What about unemployment for yourself?  The short answer is: yes, you may be eligible for SBA COVID relief loans. Or Read More

The Paycheck Protection Program (PPP) is designed first, to keep your employees employed as well as help your business remain viable, but what does that mean? As you consider that the Paycheck Protection loans are intended to keep employees on the payroll it might make it easier to see how it impacts: The application process and appropriate loan amounts What the funds can be used for How that will impact any future forgiveness Applying for PPP Loans The first requirement Read More

This article was updated on April 3, 2020 to clarify that there is no guaranteed amount for the EIDL advance/grant. We want to correct original guidance we gave regarding the $10,000 grant—it’s a common misconception, but after reading the law and hearing from some who have applied for the grant, we want to clarify that the advance is up to $10,000—you are not guaranteed a full $10,000 advance on your EIDL. There are two main loan programs to help small Read More

This article was updated on April 3 to clarify that there is no guaranteed amount for the EIDL advance/grant. We want to correct original guidance we gave regarding the $10,000 grant—it’s a common misconception, but after reading the law and hearing from some who have applied for the grant, we want to clarify that the advance is up to $10,000—you are not guaranteed a full $10,000 advance on your EIDL. Part of the Economic Injury Disaster Loan (EIDL) is what Read More

This article was updated on April 3 to clarify that there is no guaranteed amount for the EIDL advance/grant. We want to correct original guidance we gave regarding the $10,000 grant—it’s a common misconception, but after reading the law and hearing from some who have applied for the grant, we want to clarify that the advance is up to $10,000—you are not guaranteed a full $10,000 advance on your EIDL. The SBA CARES Act, including the Paycheck Protection Program, is Read More

The Coronavirus Aid Relief and Economic Security Act (CARES Act) includes a number of programs to help small business owners. There are still details being worked out, but our goal here is to answer common questions about the Paycheck Protection Program Loans that will be made available soon under that law. These loans are a modification of the popular SBA 7(a) loan program for the specific purposes of assisting small businesses affected by coronavirus.  This article has been updated April Read More

Earlier today, President Trump signed the CARES Act into law, approving $367 billion in relief to small business owners through SBA lending. Nav is committed to helping the government and SBA lenders get those funds into the hands of business owners as quickly as possible, and we are uniquely positioned to help. With that in mind, today I sent this letter to the Congressional leaders in our country in hopes of supporting their efforts to drive relief to small businesses Read More

This article was updated on April 3, 2020 to clarify that there is no guaranteed amount for the EIDL advance/grant. We want to correct original guidance we gave regarding the $10,000 grant—it’s a common misconception, but after reading the law and hearing from some who have applied for the grant, we want to clarify that the advance is up to $10,000—you are not guaranteed a full $10,000 advance on your EIDL. Small business owners impacted by the coronavirus crisis may Read More