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Big Changes to $10K Disaster Loan Details

April 9, 2020

We learned, via a conference phone this morning with Gil Goldberg, the Cleveland District Director of the SBA, that the $10,000 Emergency Fund Advance has CHANGED.
We understand that the advance will be based on $1000 per employee, up to the maximum of $10,000 per company.

At this point, it is unclear whether you will receive the advance based on the number of employees you indicated in your submission OR whether you will receive the full $10,000 with the expectation that the portion not covered by your employee count will be expected to be repaid under the terms of a loan.
Of equal importance, it is our recommendation that, if you originally applied and entered zero to the question of the number of employees because you have no one on payroll and you as a self-employed owner did not consider yourself an employee, YOU MAY WISH TO CONSIDER REAPPLYING IMMEDIATELY (!