Sole proprietors and others are now eligible for the second round of funding for small businesses that have been especially hit hard during the COVID-19 pandemic. The expanded eligibility under Round 2 includes sole proprietors, which are those businesses that do not have employees, as well as businesses that received an SBA Economic Injury Disaster Loan or advance.Businesses may apply for the second round of funding up to $10,000 in direct support. Applications will be accepted on a first-come, first-serve basis until August 31, 2020.Available funding is limited and applications will be reviewed and processed by Main Street Launch, a third-party nonprofit. Applications must meet certain criteria.Grants are not available to businesses that have received federal funding through the Paycheck Protection Program (PPP). Awardees must also develop and implement a safe reopening plan that addresses employee and customer health prior to disbursement.Approximately 96 percent of businesses in Riverside County are small businesses with fewer than 50 employees. The small business grants are intended to promote business sustainability, job retention, and the overall economic preservation of small businesses throughout the county.
H.R. 7010 is a bill that will dramatically alter several critical terms of the recently-enacted Paycheck Protection Program (PPP).
The $484 billion interim emergency bill passed by the Senate includes expanded funding for small businesses and hospitals, and money for coronavirus testing.
This checklist covers the new emergency relief options for individuals to consider. To continually be a value as financial planners, we have are providing this as a general checklist you may consider. It is very specific to what is occurring now and might also be helpful to share with family and coworkers, feel free to do so. We are here to help navigate through the many decisions. This checklist includes emergency relief options outlined in:
This is to serve as a general guideline and is not legal or tax advice.
Checklist for individuals
With recent legislation to help small businesses deal with the impact of the Coronavirus pandemic, it has become very confusing to keep all the eligibility rules straight and the types of relief small business owners can receive. This checklist covers the following key planning points related to:
The purpose of this checklist is to serve as a general high-level overview of the major financial planning points for small business owners during this time.
Checklist for business owners