Are you one of my many clients who drive Uber or Lyft? If so, the economic slowdown caused by Covid-19 is probably causing significant cash flow problems. The $2 trillion stimulus program moving through Congress will authorize The Small Business Administration to make Section 7(a) loans for ride-hailing drivers. For my many clients who operate small businesses with a payroll, it looks like SBA Section 7 loans to meet payroll, rent, mortgage obligations and utilities will soon be available, with interest rates capped at 4 per cent. And get this: the legislation’s initial text provides eligibility for eventual loan forgiveness if the proceeds are properly spent, according to The Wall Street Journal on March 25, 2020.
Are you laid off because of Covid-19? The pending Emergency Aid Bill extends unemployment compensation benefits to 39 weeks from the current 26 weeks, and provides an extra $600 a week for four months.