{"id":3678,"date":"2020-04-03T13:27:17","date_gmt":"2020-04-03T18:27:17","guid":{"rendered":"https:\/\/lions.financial\/?page_id=3678"},"modified":"2020-12-10T11:09:23","modified_gmt":"2020-12-10T16:09:23","slug":"covid-19-coronavirus","status":"publish","type":"page","link":"https:\/\/lions.financial\/hi\/covid-19-coronavirus\/","title":{"rendered":"COIVD-19 Coronavirus"},"content":{"rendered":"<div data-elementor-type=\"wp-page\" data-elementor-id=\"3678\" class=\"elementor elementor-3678\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-388d0381 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"388d0381\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-28157ac\" data-id=\"28157ac\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b072162 elementor-widget elementor-widget-spacer\" data-id=\"b072162\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-16a04125 elementor-widget elementor-widget-heading\" data-id=\"16a04125\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Important Things You Should Know\u200b<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-39076384 elementor-widget elementor-widget-heading\" data-id=\"39076384\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">COVID-19 SBA Response<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-4bb3ba4e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4bb3ba4e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-706489b5\" data-id=\"706489b5\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1b09aefb elementor-widget elementor-widget-heading\" data-id=\"1b09aefb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Questions And Answers<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-651b1fe elementor-widget elementor-widget-toggle\" data-id=\"651b1fe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1061\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-1061\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-long-arrow-alt-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-long-arrow-alt-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">1. What COVID-19 crisis SBA loans are being offered?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-1061\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-1061\"><ul><li><u>Economic Injury Disaster Loan<\/u>\u00b9.<\/li><li><u>Paycheck Protection Loan<\/u>\u00b2.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1062\" class=\"elementor-tab-title\" data-tab=\"2\" role=\"button\" aria-controls=\"elementor-tab-content-1062\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-long-arrow-alt-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-long-arrow-alt-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">2. How do I get these loans?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-1062\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"region\" aria-labelledby=\"elementor-tab-title-1062\"><ul><li>Apply for the Economic Injury Disaster Loan directly from the SBA\u00a0<a href=\"https:\/\/covid19relief.sba.gov\/#\/\">here<\/a>.<\/li><li>Paycheck Protection Loans are government-backed but will come from private banks. You should inquire at your local bank about these loans. The Treasury Department has just released the loan application. You can see it\u00a0<a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf\">here<\/a>. You will still need to apply for the loan at your local bank. This is just the application.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1063\" class=\"elementor-tab-title\" data-tab=\"3\" role=\"button\" aria-controls=\"elementor-tab-content-1063\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-long-arrow-alt-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-long-arrow-alt-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">3. How much can I borrow?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-1063\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"region\" aria-labelledby=\"elementor-tab-title-1063\"><ul><li>The Economic Injury Disaster Loan from the SBA can be up to $2 million working capital for up to a 30-year term at 3.75% (2.75% non-profits). Not everyone will qualify for that amount.<\/li><li>The Paycheck Protection Loans can be for 2.5 months of average payroll or $10 million \u2014 whichever is less.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1064\" class=\"elementor-tab-title\" data-tab=\"4\" role=\"button\" aria-controls=\"elementor-tab-content-1064\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-long-arrow-alt-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-long-arrow-alt-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">4. Do I need to repay these loans?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-1064\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"4\" role=\"region\" aria-labelledby=\"elementor-tab-title-1064\"><ul><li>You must repay the Economic Injury Disaster Loan from the SBA. Payments can be deferred for one year after the origin of the loan.<\/li><li>All or some of the Paycheck Protection Loan may be forgiven (converted into a grant). There are specific requirements about how you spend the loan and if you continue to employ your workers in order for it to be forgiven.\u00a0<a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/PPP%20Borrower%20Information%20Fact%20Sheet.pdf\">Read them here<\/a>.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1065\" class=\"elementor-tab-title\" data-tab=\"5\" role=\"button\" aria-controls=\"elementor-tab-content-1065\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-long-arrow-alt-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-long-arrow-alt-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">5. What about the $10,000 emergency grant I\u2019ve heard about?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-1065\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"5\" role=\"region\" aria-labelledby=\"elementor-tab-title-1065\"><ul><li>The SBA is offering to advance businesses a $10,000 grant that does not need to be paid back. That grant will be paid quickly \u2014 in as little as three days.<\/li><li>You can apply for that $10,000 grant as part of the Economic Injury Disaster Loan process. If you are awarded the $10,000 emergency grant, you will not have to pay the grant (just the grant) back. You will still have to repay the rest of your SBA Economic Injury Disaster Loan.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1066\" class=\"elementor-tab-title\" data-tab=\"6\" role=\"button\" aria-controls=\"elementor-tab-content-1066\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-long-arrow-alt-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-long-arrow-alt-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">6. Can self-employed workers and freelancers apply?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-1066\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"6\" role=\"region\" aria-labelledby=\"elementor-tab-title-1066\"><ul><li>Paycheck Protection Loans are available to 501(c)(3)s, self-employed, sole proprietors and independent contractors.<\/li><li>SBA Economic Injury Disaster Loans are available to small businesses and non-profits (including faith-based) with fewer than 500 employees, sole proprietors and independent contractors.<\/li><li>\u00a0<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1067\" class=\"elementor-tab-title\" data-tab=\"7\" role=\"button\" aria-controls=\"elementor-tab-content-1067\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-long-arrow-alt-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-long-arrow-alt-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">7. Can I apply for both loans?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-1067\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"7\" role=\"region\" aria-labelledby=\"elementor-tab-title-1067\"><ul><li>You can apply for and receive both loans.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1068\" class=\"elementor-tab-title\" data-tab=\"8\" role=\"button\" aria-controls=\"elementor-tab-content-1068\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-long-arrow-alt-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-long-arrow-alt-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">8. Do I need good credit to qualify for these loans?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-1068\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"8\" role=\"region\" aria-labelledby=\"elementor-tab-title-1068\"><ul><li>The Paycheck Protection Loan requires no collateral and no personal guarantee.<\/li><li>The Economic Injury Disaster Loans are given based on credit scores. No tax returns are required. You can borrow up to $200,000 without a personal guarantee.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1069\" class=\"elementor-tab-title\" data-tab=\"9\" role=\"button\" aria-controls=\"elementor-tab-content-1069\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-long-arrow-alt-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-long-arrow-alt-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">9. What if I\u2019ve already fired or laid off my employees? Do I still qualify for a Paycheck Protection Loan?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-1069\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"9\" role=\"region\" aria-labelledby=\"elementor-tab-title-1069\"><ul><li>Your loan may be forgiven if you bring back employees and restore wages generally within 30 days and maintain them through June 30.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-10610\" class=\"elementor-tab-title\" data-tab=\"10\" role=\"button\" aria-controls=\"elementor-tab-content-10610\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-long-arrow-alt-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-long-arrow-alt-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">10. My bank doesn\u2019t seem to know anything about the Paycheck Protection Loan. Now what?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-10610\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"10\" role=\"region\" aria-labelledby=\"elementor-tab-title-10610\"><ul><li>Banks are currently working out the details but are expected to be ready by April 3. The Treasury Department has released more details on the loan\u00a0<a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/PPP%20Borrower%20Information%20Fact%20Sheet.pdf\">here<\/a>. You can also view the application\u00a0<a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf\">here<\/a>. You will still need to apply through a private bank.<\/li><li>\u00a0<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7a21fdf2 elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"7a21fdf2\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-45a89dc8\" data-id=\"45a89dc8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-822e217 elementor-widget elementor-widget-heading\" data-id=\"822e217\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">We Will Help You Every Step Of The Way<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d4a9291 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"d4a9291\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-md\" href=\"https:\/\/lions.financial\/hi\/contact\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-long-arrow-alt-right\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Contact Us<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-601a5f43 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"601a5f43\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3c134637\" data-id=\"3c134637\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6a58a441 elementor-widget elementor-widget-heading\" data-id=\"6a58a441\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How to Apply for an SBA Economic Injury Disaster Loan\u00b9:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0fdc3ea elementor-widget elementor-widget-text-editor\" data-id=\"0fdc3ea\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><u>Step 1: Visit the SBA disaster loan website<\/u>.<br \/><br \/>Here is the direct link to begin the loan application process:\u00a0<a href=\"https:\/\/covid19relief.sba.gov\/#\/\">https:\/\/covid19relief.sba.gov\/#\/<\/a>.<br \/><br \/><strong>Note<\/strong>: Before entering any personal information, be sure you are on the real Small Business Association site at SBA.gov.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1763997 elementor-widget elementor-widget-text-editor\" data-id=\"1763997\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><u>Step 2: Verify eligibility<\/u>.<\/p><p>The SBA is relying on businesses to self-certify eligibility. This is a two-part verification process:<\/p><ul><li><p>The first part certifies that your business falls within the parameters of the Economic Injury Disaster Loan (EIDL) Program. Choose the one description that fits your business.<\/p><\/li><li><p>In the second part, you must certify that your business is not engaged in certain disqualifying activities. Review and check each of the boxes before continuing.<\/p><\/li><\/ul><p>Then click the \u201cContinue\u201d button to be taken to the online application.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f2a7ffa elementor-widget elementor-widget-text-editor\" data-id=\"f2a7ffa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><u>Step 3: Provide business information<\/u>.<\/p><p>To complete this step of the online application, you will need several pieces of information pertaining to your business handy, including:<\/p><ul><li><p>The legal and trade names of your business.<\/p><\/li><li><p>Your Federal EIN number or Social Security number.<\/p><\/li><li><p>Gross revenue and cost of goods sold for the 12 months leading up to January 31, 2020.<\/p><\/li><li><p>The date your business was founded.<\/p><\/li><li><p>The number of employees.<\/p><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d9a734e elementor-widget elementor-widget-text-editor\" data-id=\"d9a734e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><u>Step 4: Provide business owner(s) information.<\/u><\/p><p>At the top of this second page of the application is a question about whether your business is owned by another business entity. If the answer is yes, you will need to provide information about that entity and that entity must sign a loan guarantee.<\/p><p>Regardless of your answer to the first question, you will be asked for information about the owner(s) of the company. There is a separate page for each owner, and the following information per owner is required:<\/p><ul><li><p>Percentage of business ownership.<\/p><\/li><li><p>Home address.<\/p><\/li><li><p>Phone number.<\/p><\/li><li><p>Social security number.<\/p><\/li><li><p>Date and place of birth.<\/p><\/li><li><p>Citizenship status.<\/p><\/li><\/ul><p><strong>Note<\/strong>: That first question at the top is easy to miss. If you\u2019ve filled out all of the lines and can\u2019t go forward, make sure you\u2019ve answered yes or no to that qualifier at the top of the page.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-583c20f elementor-widget elementor-widget-text-editor\" data-id=\"583c20f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><u>Step 5: Additional information<\/u>.<\/p><p>This page of the application is broken into sections.<\/p><p>The first section requires answers to questions about criminal history or previous issues regarding dealings with the federal government.<\/p><p>The second section applies to anyone who may have assisted with the filing of the application (paid or unpaid). Fill in the name and contact info of anyone who assisted with your loan application. The SBA also asks for permission to contact the loan preparer.<\/p><p>Before entering the final information, you will be asked if you would like to be considered for a $10,000 advance on your loan. This is the $10,000 grant that is mentioned in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Businesses who request this $10,000 advance on their loan (which is being called a grant) and are approved are expected to receive it within three days. This $10,000 advance does not need to be paid back \u2014 though the rest of your disaster assistance loan will need to be paid back.<\/p><p>The last section asks for your bank information where your loan funds and the $10,000 advance, if approved, should be deposited. Once again, be sure you are on the correct site before you enter any banking information. The correct site is:\u00a0<a href=\"https:\/\/covid19relief.sba.gov\/#\/\">https:\/\/covid19relief.sba.gov\/#\/<\/a>.<\/p><p>Read the provisions, which state, in part, that additional information may be required, that no one was paid for preferential treatment and that the information provided was truthful. You can read the terms and conditions of the loan\u00a0<a href=\"https:\/\/covid19relief.sba.gov\/#\/terms-and-conditions\">here<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3ef5ca0b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3ef5ca0b\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-480b38eb\" data-id=\"480b38eb\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7e784880 elementor-widget elementor-widget-heading\" data-id=\"7e784880\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">our team of experts are here for you<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f2d3845 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"4f2d3845\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-md\" href=\"https:\/\/lions.financial\/hi\/our-team\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-long-arrow-alt-right\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Meet Them<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-df5633e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"df5633e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c0e2ccd\" data-id=\"c0e2ccd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1be2f00 elementor-widget elementor-widget-heading\" data-id=\"1be2f00\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How to Apply for an SBA Paycheck Protection Program Loan\u00b2:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e1c5fc7 elementor-widget elementor-widget-text-editor\" data-id=\"e1c5fc7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The\u00a0<a href=\"https:\/\/www.sba.gov\/funding-programs\/loans\/paycheck-protection-program-ppp\">Paycheck Protection Program<\/a>, one of the largest sections of the CARES Act, sets aside $350 billion in government-backed loans from private banks to help small businesses survive through the coronavirus outbreak. In some cases, these loans can be converted to grants, which means that if you meet certain requirements, you won&#8217;t need to pay the loan back.<\/p><p>Here are the most important things small businesses need to know about the Paycheck Protection Program.<\/p><p><u>How does the Paycheck Protection Program work?<\/u><\/p><p>The Paycheck Protection Program\u2019s $350 billion in small business loans will be issued by private banks. Currently, the Small Business Administration (SBA) guarantees loans that are given out by a network of more than 800 lenders across the U.S. The Paycheck Protection Program creates a type of emergency loan that can be forgiven when used to maintain payroll through June. The basic purpose of the Paycheck Protection Program is to incentivize small businesses to not lay off workers and\/or to rehire laid-off workers that lost jobs due to COVID-19 disruptions.<\/p><p><u>What businesses are eligible for these loans?<\/u><\/p><p>The Paycheck Protection Program offers loans for the following types of businesses experiencing revenue disruption as a result of COVID-19:<\/p><ul><li><p>Small businesses with fewer than 500 employees.<\/p><\/li><li><p><a href=\"https:\/\/www.sba.gov\/document\/support--table-size-standards\">Select types of businesses<\/a>with fewer than 1,500 employees.<\/p><\/li><li><p>501(c)(3) non-profits with fewer than 500 workers.<\/p><\/li><li><p>Some 501(c)(19) veteran organizations.<\/p><\/li><li><p>Self-employed workers, sole proprietors, and freelance or gig economy workers.<\/p><\/li><\/ul><p>Businesses, even without a personal guarantee or collateral, can apply one of these loans as long as they were operational on February 15, 2020, and had paid employees at that time (even if the owner is the only employee). On a final note, the SBA\u2019s 500-employee threshold includes all types of employees: full-time, part-time, and any other status.<\/p><p><u>What are the terms of these loans?<\/u><\/p><p>Loans under the Paycheck Protection Act can be 2.5 times the borrower\u2019s average monthly payroll costs, and they cannot exceed $10 million. The interest rate for Paycheck Protection loans are set at 0.5%, and loans mature after two years. No personal guarantee or collateral is required. The lenders are expected to defer fees, principal and interest for no less than six months and no more than one year. The SBA notes that all loans will have the same terms regardless of lender or borrower. Loan payments will be deferred for six months<\/p><p>Lenders will also ask you for a good faith certification that:<\/p><ul><li><p>The loan is needed to support ongoing operations;<\/p><\/li><li><p>The loan will be used to retain workers, maintain payroll, and pay for mortgage, lease, and utility payments;<\/p><\/li><li><p>The borrower does not have a pending application for a similar loan; and<\/p><\/li><li><p>The borrower did not get a similar loan between Feb. 15, 2020 and Dec. 31, 2020.<\/p><\/li><\/ul><p><u>How can I get my loan forgiven?<\/u><\/p><p>Small businesses that take out these loans can get some or all of their loans forgiven. Generally speaking, if employers continue paying employees at normal levels during the eight weeks following the origination of the loan, then the amount they spent on payroll costs (excluding costs for any compensation above $100,000 annually), mortgage interest, rent payments and utility payments can be combined and that portion of the loan will be forgiven. Businesses that rehire workers that were laid off prior to the loan origination will not be penalized. If businesses can restore normal payroll in the eight-week period, they should be able to get the loan forgiven, effectively making the loan a grant.<\/p><p><u>When can I apply for a Payroll Protection Loan?<\/u><\/p><p>The Paycheck Protection Program application process will roll out in two phases, one week apart.<\/p><ul><li><p>On April 3, 2020, small businesses and sole proprietorships can begin applying for these loans.<\/p><\/li><li><p>On April 10, 2020, independent contractors and self-employed individuals can begin applying. The SBA advises that all businesses should \u201capply as quickly as you can because there is a funding cap.\u201d<\/p><\/li><\/ul><p><u>How do I apply?<\/u><\/p><p>First, fill out the\u00a0<a href=\"https:\/\/www.sba.gov\/document\/sba-form--paycheck-protection-program-ppp-sample-application-form\">SBA\u2019s Paycheck Protection Program sample application<\/a>. Businesses can submit their application to any existing SBA-approved private lender or through federally insured depository institutions, federally insured credit unions, and Farm Credit System institutions that are participating.<\/p><p>The SBA and local banks around the country are still finalizing the program, so check with your local bank or credit union to see if they are taking part in the program. Banks that are already SBA-approved lenders may be quicker to put the loan program in place. Businesses may want to start by talking to any lender they currently work with first to see if they are taking part in the program as well.<\/p><p>\u00a0<\/p><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Important Things You Should Know\u200b COVID-19 SBA Response Questions And Answers 1. What COVID-19 crisis SBA loans are being offered? Economic Injury Disaster Loan\u00b9. Paycheck [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":3985,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"content-type":"","site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-3678","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/lions.financial\/hi\/wp-json\/wp\/v2\/pages\/3678","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lions.financial\/hi\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/lions.financial\/hi\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/lions.financial\/hi\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/lions.financial\/hi\/wp-json\/wp\/v2\/comments?post=3678"}],"version-history":[{"count":11,"href":"https:\/\/lions.financial\/hi\/wp-json\/wp\/v2\/pages\/3678\/revisions"}],"predecessor-version":[{"id":4135,"href":"https:\/\/lions.financial\/hi\/wp-json\/wp\/v2\/pages\/3678\/revisions\/4135"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lions.financial\/hi\/wp-json\/wp\/v2\/media\/3985"}],"wp:attachment":[{"href":"https:\/\/lions.financial\/hi\/wp-json\/wp\/v2\/media?parent=3678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}