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Forgivable loans simple for small businesses

There are some really great forgivable loans (meaning you do not need to pay them back if you follow a few simple rules) as part of the COVID-19 stimulus package. These are for small businesses (fewer than 500 employees), faith-based organizations and nonprofits. Very simple application. This is called the SBA Economic Injury Disaster Loan.

Do not be fooled by the word “loan.” If you follow the simple rules, this becomes a grant, not a loan. There are billions in this fund, but it will run out, so people need to apply now. Link is: covid19relief.sba.gov/#/.

The federal government also gives you a $10,000 grant just for applying even if you decide not to take the loan. This is administered through the Small Business Administration.

Think about your corner gas station, coffee shop, church, charter business, dive company, small nonprofit, etc. All these people could really benefit from this, so ask them if they know about it, and if they do not, please share this information.

This application is so easy, and it is on the honor system, but they will catch you if you cheat! They do not even require backup documents. Easy. The big goal is to get money into the hands of small businesses fast.

Lots of scams out there. Make sure you go to the official Small Business Administration website, which is part of the federal government.

There are other programs with SBA which are also worth looking into, but this one is the easiest, simplest and fastest.

Theo Morrison

Lahaina

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