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Combat Corner understands these are challenging times for all in our community. To help our community, we are sharing this guide to navigate resources for gyms and academies during these uncertain times.
Congress recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. These programs and initiatives are intended to assist business owners with whatever needs they have right now. The US Senate Committee on Small Business & Entrepreneurship has published a Guide to the CARES Act.
Here are four questions to ask yourself to help point you in the right direction when seeking assistance through the CARES Act. Do you need:
- Capital to cover the cost of retaining employees? The Payroll Protection Program (PPP) Loans provides cash-flow assistance to employers who maintain payroll during this emergency. Businesses must have been in operation on February 15, 2020. One of the features of this program is loan forgiveness of up to eight weeks of payroll based on employee retention and salary levels and at least six month of deferral with a maximum deferral of up to one year. Loans are available through June 30, 2020
. - A quick infusion of a smaller amount of cash to cover you right now? The Emergency Economic Injury Grant might be the answer for you. Those eligible are the following types of businesses with 500 or fewer employees:
- Sole Proprietorship, with or without employees
- Independent contractors
- Cooperatives and employee owned businesses
- Tribal small businesses
- To ease your fears about keeping up with payments on your current or potential SBA loan? This program will provide immediate relief to small businesses with non-diaster SBA Loans for up to six months.
- Just some quality, free counseling to help you navigate this uncertain economic time? There are nearly 1,000 centers that provide counseling and training to new and existing businesses. See where there is help in your area from a SBA Center.
