Many Local 728 members income is derived through a small business. This work stoppage has affected not only your employment wages but income from rentals and other business affiliations….and it has affected the wages you pay to the employees your companies hire..
Part of the CARES Act signed March 27, the $2.2T COVID-19 Assistance package, is to provide small businesses with an Economic Injury Disaster Loan (EIDL).
That program opened today. Please take advantage of this program.
Economic Injury Disaster Loan Emergency Advance
Overview
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.
Eligibility
The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic.
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.
Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
Funds will be made available within days of a successful application, and this loan will not have to be repaid. Lenders may begin processing loan applications as soon as April 3, 2020.
To apply for a COVID-19 Economic Injury Disaster Loan up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. Application: https://covid19relief.sba.gov/#/