March 19, 2020
DEAR WZ CLIENT:
It was just announced that NYC, Nassau and Suffolk businesses among other counties are eligible for disaster loan assistance. Check out if your state and county is eligible HERE.
Uncle Sam is offering loans of up to $2 million to businesses that have been harmed by the coronavirus and cannot secure financing to keep operating.
The U.S. Small Business Administration will provide Economic Injury Disaster Loans to companies that are experiencing a temporary revenue loss. The funds may be used to pay debts, employee wages and other bills.
To be eligible, the affected business must have 500 or fewer employees and be in a designated disaster area. The business also must not be able to obtain credit elsewhere.
****ANNOUNCEMENT for Coronavirus (COVID-19)
If applying for Coronavirus (COVID-19) disaster declarations, please only select Economic Injury when inquiring about your business losses.
At this point there are still many unknowns as this is a very fluid situation. We are monitoring it closely and will keep you updated as the information changes.
If you have any questions or concerns please do not hesitate to reach out as we are here to help.