As we come together of various faiths to honor and reflect upon the teachings of our traditions, Easter, Passover and Baisakhi, we become aware that a global pandemic has crumbled perceived divisions, societal barriers and international borders, reminding us that we are all One. We are One. One kindred family of humanity connected through spirit and service in glory of the ultimate One, Ek Onkar.
As we reach out to serve in the manners and gifts given to us all, from our lion-hearted medical professionals and spirited langar serving volunteers… we are coming together to support and serve each other. While the government has begun to address financial remedies to support small businesses, we know that there are still challenges in getting doors open and restaurants running again, but it is our hope that we will rise above together.
Currently there is funding available to the community for small business entities, independent contractors, sole proprietors and non-profits from the SBA Covid-19 Emergency Disaster Relief program. This program has a few parts.
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The Economic Injury Disaster Loan: this is the SBA loan for businesses affected by the Covid-19 global pandemic, max loan amount $2 million. This loan is directly available from the SBA website. A part of this process is the Economic Injury Disaster Loan: Emergency Advance of up to $10,000. This grant is within the EIDL application and is available for small business entities, independent contractors, sole proprietors and non-profits. This application can be found directly at https://covid19relief.sba.gov/#/
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The SBA Payroll Protection Loan can be obtained directly from banks, credit unions and SBA lenders, max loan amount is $10 million. This program is in its early implementation stage and the funds for this loan can be used to maintain employees and sustain business operations.
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In addition, unemployment assistance is available during this time. Some states have opened unemployment assistance to independent contractors and sole proprietors, and benefits can be accessed through your state offices through the guidelines under Pandemic Unemployment Assistance (PUA).
If you have questions or concerns accessing funding or financial support during this time, please feel free to contact us. Please continue safe practices and social distancing during these times for we are all One and will get through this together. EkOnkar Satnam Sri Waheguru.
NOTE: Article update: As of April 15, the SBA has stopped accepting Emergency Disaster Relief as it has reached its funding capacity. Please stay informed if new funding options become available during this time.
Navjot Kaur
Nanaki Capital