The pandemic that this country is facing is likely affecting your business. As a tour/activity/rental operator, you may already be experiencing a large number of cancellations or not getting new bookings at all. But there is help and in many cases it can cover your payroll, utilities, rent or mortgage for the next 8 weeks. Read along to find out if your rental or tour business can apply and act soon. The program is first-come first-serve and it is expected to open on Friday, April 3, 2020.
In an effort to provide economic relief during this pandemic, the government has passed a bill, called CARES (Coronavirus Aid, Relief, and Economic Security Act) that among other items, gives aid to small businesses who are affected by the outbreak of COVID-19. An important part of this bill is called the Paycheck Protection Program that will help you right away.
What is it? In a nutshell, it is emergency funding provided by the Small Business Administration (SBA) that will provide small business loans to businesses in order to assist them financially with items such as payroll, rent, utilities, healthcare costs, and mortgage interest. The intention of this funding is two-fold:
- To provide businesses the needed funds to keep operating during this crisis.
- To give incentives for employers to retain their employees.
Am I eligible? Yes, probably! The program is for all businesses (sole proprietors, independent contractors, and self-employed) with 500 employees or less including nonprofits, Tribal businesses, and veteran’s organizations.
Why should I apply? This program will help you to continue to pay your employees and expenses in the short term to keep your business afloat. In addition, despite this being a loan, as long as you use the funds for payroll, utilities, rent or mortgage, then you will not have to repay the loan or owe income tax on the forgiven amount.
How to apply? Small businesses can apply starting on April 3, 2020 through any existing SBA lenders. To get all the details about the application and how to apply, visit the SBA site here.
Don’t delay! WebReserv looks forward to working with you this summer and years to come. For more information and details, feel free to contact us.