COVID-19 Relief for Salon Owners
The Coronavirus has disrupted millions of salons across the nation. If your salon is one of the many that is being impacted, don’t fret! On Friday, March 27, 2020, the CARES act was signed into law by the President. The CARES act contains an exciting $376 billion in relief for American workers and small businesses. For all of you salon owners, assistance is just a few clicks away!
Relief Funding Options
Multiple options are available to small business owners through the U.S. Small Business Administration. These options include:
- Paycheck Protection Program
- EIDL Loan Advance
- SBA Express Bridge Loans
- And SBA Debt Relief
Paycheck Protection Program
The Paycheck Protection Program offers loans to small businesses to help keep their employees on the paycheck throughout this challenging time. This loan is forgivable under a few conditions, including that the funds be used to keep all employees on the payroll for eight weeks. This loan is primarily for businesses with less than 500 employees. With recent changes, self-employed businesses can now apply! For more information regarding this program, and to check if your salon qualifies, visit the SBA Paycheck Protection application site.
Economic Injury Disaster Loan Emergency Advance
The EIDL Loan Advance offers up to $10,000 of economic relief to businesses that are experiencing temporary difficulties due to the COVID-19 outbreak. This loan advance does not have to be repaid. The EIDL Loan Advance is designed primarily for businesses with less than 500 employees. To check eligibility and apply for your advance, visit the SBA EIDL Loan Advance application site.
SBA Express Bridge Loans
If you currently have a business relationship with an SBA Express Lender, this loan will quickly grant you access to up to $25,00. To check eligibility and apply, visit the SBA Express Bridge Loan application site.
SBA Debt Relief
As a part of their debt relief efforts, SBA is offering to pay principal, interest, and fees on current and new microloans for a period of 6 months. To check eligibility, visit the SBA debt relief application site.
My Absolute Beauty’s COVID-19 Advice
At My Absolute Beauty, we strongly encourage all small business owners to apply for the EIDL Loan Advance and to check your eligibility for the other programs through the SBA. The application process for the EIDL Loan Advance is quick and easy! Just ten minutes of your time can help give your salon the financial resources it needs to survive this uncertain time.
Remember, we are all in this together. We hope to see your salons up and running again soon. In the meantime, we are sending happy and healthy wishes your way!