Paycheck Protection Loans are Intended to Keep Employees on the Payroll: What Does that Mean?

Paycheck Protection Loans are Intended to Keep Employees on the Payroll: What Does that Mean?

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
COVID Disaster Loans Vs Paycheck Protection Program Loans

COVID Disaster Loans Vs Paycheck Protection Program Loans

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
Avoid Small Business Lending Scams and Fraud Related to COVID-19

Avoid Small Business Lending Scams and Fraud Related to COVID-19

With nearly $400 billion on the line between the Economic Injury Disaster Loans (EIDL) and the Paycheck Protection Program (PPP), I guess it shouldn’t be a surprise that there would be fraudsters targeting small business owners during these already challenging times. Avoiding small business lending scams and fraud related to COVID-19 requires that you are diligent and on the lookout for grant fraud, loan fraud, and phishing scams. Scams and Fraud Schemes to Be Aware Of The SBA offers some Read More
What is the Economic Injury Disaster Loan Grant and What Does it Mean for Small Business?

What is the Economic Injury Disaster Loan Grant and What Does it Mean for Small Business?

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
Prepare Your Application for the SBA Paycheck Protection Program

Prepare Your Application for the SBA Paycheck Protection Program

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
Frequently Asked Questions About CARES Act Paycheck Protection Program Loans for Small Business

Frequently Asked Questions About CARES Act Paycheck Protection Program Loans for Small Business

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
A Letter to Congress From Nav’s CEO Greg Ott

A Letter to Congress From Nav’s CEO Greg Ott

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
Applied for an SBA Disaster Loan? You Need to Monitor Your Credit ASAP

Applied for an SBA Disaster Loan? You Need to Monitor Your Credit ASAP

Business owners around the U.S. may have just had their identities compromised by the SBA site designed to help them. If you had trouble accessing the SBA.gov site the past few days to apply for disaster assistance loans, you’re not alone. The application portal was showing a maintenance message for most of the day as thousands of business owners around the country rushed to apply for much-needed COVID aid. According to reports out of D.C., the SBA was alerted to Read More
Frequently Asked Questions About Applying for SBA Disaster Loans Due to Coronavirus

Frequently Asked Questions About Applying for SBA Disaster Loans Due to Coronavirus

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
State and Local COVID-19 Resources

State and Local COVID-19 Resources

Note: This article was updated April 2, 2020. We will continue to update as new COVID-19 resources become available. If there’s a silver lining in the coronavirus pandemic, it’s that people and organizations have quickly banded together to provide support for one another. Given how hard this is hitting small businesses, it’s great to see organizations, both at the national and local levels, jumping to provide aid and guidance to entrepreneurs. Below is a list of COVID-19 resources and guidance Read More