April 2, 2020
Source: Electronics Representatives Association
The Electronics Representatives Association (ERA) is committed to sharing important information with its members during these challenging times.
The following resources offer assistance to small businesses affected by the coronavirus:
The U.S. Chamber of Commerce released its Coronavirus Loan Guide to help small businesses, independent contractors and gig economy workers prepare to file for a coronavirus relief loan under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The U.S. Chamber’s Coronavirus Small Business Guide outlines the steps small businesses should take now and prepare to access much-needed funds to help keep their workers on the payroll during this disruptive period. Further guides will be developed as the CARES Act becomes implemented. For more information and additional U.S. Chamber’s resources, visit https://www.uschamber.com/coronavirus.
The Small Business Administration (SBA) launched the Economic Injury Disaster Loan Assistance (EIDL) program for small business owners in all U.S. The SBA EIDL program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
In addition to this loan, SBA is offering an immediate $10,000 advance (the Emergency Economic Injury Grant) within three days of applying for an EIDL. For more information about EIDL or to apply, visit https://covid19relief.sba.gov/#/.
Also, see SBA Economic Injury Disaster Loan vs CARES Act (SBA 7a Program) for a quick comparison of the EIDL and CARES programs.