At Best Home Water Treatment Systems, we operate a small business in California. Due to the recent events with the Coronavirus, we have seen other area businesses struggling and want to help. Here, we will provide you with some important resources and information to help your company to avoid permanent closure from the impact caused by COVID-19.
Paycheck Protection Program (PPP)
PPP is a loan option for small businesses to help them maintain their current number of full-time workers. Those who get funding from a Small Business Administration (SBA) approved lender can get complete forgiveness of their loans by adhering strictly to their terms. These requirements include keeping the same number of people paid and using at least 75% of the loan amount for payroll.
Small Business Debt Relief Program
Another option for small businesses that don’t take advantage of PPP is the debt relief program. This option allows small businesses to request the SBA to pay their loan payments for up to six months. Loans that qualify for this program include microloans, 504, and 7(a) loans. While business owners can take out PPP and participate in this debt relief program, the funds from these programs cannot cover the needs of the other. For instance, debt relief will not pay for PPP loan payments for amounts not forgiven. This option can help small businesses that continue to make loan payments during this economic downturn.
Make Small Businesses Your Priority for the Future
As recovery continues, choose small businesses to help them keep in operation. You may discover new favorite places such as bookstores, restaurants, and more by exploring the local offerings in your community. And, if your home needs a water treatment solution, contact us at Best Home Water Treatment Systems. We’re here to serve our community and you.