The Status of Coronavirus Stimulus Funds and Loans

“Sometimes if you have financial restraints, it’s a benefit. It forces you to come up with a more creative way.”

Have you checked your account today? Last week millions of Americans began receiving their stimulus funds in the form of a Direct Deposit from the IRS. They are working on getting everyone their Economic Impact Payments as promptly as possible.

Not sure where yours is? If the IRS doesn’t have your checking account on file and you know you qualify for a stimulus check, you can expect to receive a check in the mail over the course of the next few weeks.

In addition to stimulus checks, other financial support such as the Disaster Loans and the Paycheck protection Program (PPP) were provided to small business owners and non-profits impacted directly by COVID-19. After completing the new application process, businesses have already begun receiving those loans, some of which are eligible for forgiveness.

Here are details of two of the loan programs provided by the Small Business Association (SBA) to those impacted by COVID-19:

1. $10,000 Advance on Economic Injury Disaster Loan (EIDL) – Businesses can receive up to $2 million dollars with a 3.75% interest rate to help meet financial obligations and operating expenses, those that could have been met had the disaster not occurred.
   
2. Paycheck Protection Program (PPP) – Businesses can receive up to $10 million dollars with a 1% interest rate. The program qualifies for loans to be forgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses (amount of any EIDL advance is not forgivable).

At ERPS Group we are here to keep you updated, as we navigate through this time together. We will walk you through every stage of the process. If you have any questions or want to learn more about the current situation at hand. 

Contact us today at (347) 462-2778 and you can set up a time to speak with one of our financial experts. 

ERPS Group is a one-of-a-kind financial firm located in Metro New York City that offers a differentiated approach to helping people to achieve enduring financial results and support in choosing the perfect life insurance plan. They offer effective strategies that help to bridge the gap between financial freedom and personal or business goals.

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