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1/ Hey Moment fam, @marcbarros here. Our purpose is to empower creatives and another way we can help is share what we know about the CARES act and how it affects / helps creators. Feel free to RT to any creators who have their own business, even a sole proprietorship…
2/ We aren’t lawyers so please take this with hustler pov. We’ve read through the docs a lot, listened to videos, and chatted with different legal people who are trying to figure this out. Not everyone can afford a lawyer so here is what to consider.
3 / The CARES ACT is a federal program with guidelines for everyone. But the list of what is available to you can be state specific. A nice overview of the options is available at this SBA site: http://urle.me/bn8
4 / If you are a sole proprietor you first want to visit your state’s unemployment website. They are offering options that were previously unavailable to sole proprietors. A nice master list of who to contact at each state is here: http://www.statelocalgov.net/50states-unemployment.cfm
5/ If you are a small company with under 500 employees we’d first want to start with the Paycheck Protection Program (PPP). This is a loan that helps you keep people employed. The chamber of commerce has a nice outline here: http://urle.me/bn3
6/ The best way to apply to PPP is to call your current bank and ask if they are participating in the PPP program. Unfortunately banks are favoring existing clients first. If your bank isn’t participating we found this list: http://urle.me/bn4
7/ Important to note on the PPP loans is that you can ONLY apply once which means you want to pick your existing bank or one that you like. Applicants have to certify that you don’t have other applications spending.
8/ Before applying you will want to get all of your information ready. There is a sample application form linked below. Applications open April 3 for small businesses / sole proprietors and April 10th for contractors and self-employed. http://urle.me/bn5
9/ To help you with your application we made a google calculator to help you calculate how much you can apply for. Your bank won’t help you do this so it’s on you to do this match. This is a public google doc so please download and use it. http://urle.me/bn9
10/ The other program to look at is called EIDL and it’s a disaster relief loan if your business has been materially impacted. This loan is an SBA loan up to $2M, but over $200K you have to provide a personal guarantee. The one benefit is the first $10K is converted…
11/ to an immediate grant even if your loan request is denied. The best resource to answer any questions you have will be your local SBA office. Otherwise you can find basic info here http://urle.me/bn7 | application here: https://covid19relief.sba.gov/#/
12/ All of this stuff is confusing and stressful, we get it. We’re also working hard to keep everyone employed and programs going to keep income flowing to creators. If you have additional questions we’re going to host a YT live on Friday. We will post a final time tomorrow.
end/ All of this is a guide and not legal advice. There are a lot of details you’ll need to read over but hopefully this gets you started. Check with your bank ASAP to see if they are participating in the PPP program. Otherwise your local SBA office is your best bet.
