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Does stimulus package cover me?

CaliforniaBankruptcy Coronavirus Stimulus

Anonymous Contractor

HI, hope you all are safe! I had small construction for rehab properties, in 2008 I lost everything, filed for bankruptcy and my credit went bad. So slowly I start landscape business by myself , time to time I would hire day labor for help. Does this stimulus fund help me in any way, from getting loan for rehab of depressed properties to get a help for my existing landscape business? Thank you, Bijan

1 reply

Matt Viator

Construction Lawyer

Levelset Admin at Levelset

| 1,005 reviews

Mar 30, 2020

This coronavirus outbreak spells trouble for small businesses across the country, and the CARES Act provides a lot of relief for them. With the new stimulus act, small business association ("SBA") loans will be widely available to small businesses - including sole proprietorships or businesses with only one employee. The loan funds can be used for payroll, benefits, and certain overhead costs. So, there's a very good chance that your small business would be able to benefit from these loans. What's more, borrowers will have the ability to get a streamlined $10,000 emergency cash grant (think of it as an advance) to help buoy their businesses sooner than later - which will be crucial considering how many businesses will likely be applying for SBA loans (potentially extending the timeline for obtaining funds). You can get a full breakdown of the stimulus bill, and the availability of SBA loans, here: What’s in the $2 Trillion Coronavirus Stimulus Bill For Construction Businesses & Their Workers? That article contains a ton of helpful information - including topics like "How much can I borrow?" and "Does my business qualify for a loan?" Plus, it discusses tax deferment benefits from the CARES act which could lighten the load as well.

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