With the recent events on Covid-19 many of you have called me and were asking me questions on possible Funding options during these difficult times.
Our office contacted the SBA administration this morning and advised us, that once New Jersey and New York is declared Eligible Disaster Area then we can apply online for a Disaster relief Loan. Please note as of today New Jersey and New York is still not declared as a disaster area but they do expect that declaration to come soon. Please check their website for updated information under https://disasterloan.sba.gov/ela/Declarations/Index) .
Once our areas is eligible you can apply online for a Disaster relief Loan on https://disasterloan.sba.gov/ela/Account/Login
It takes approximately 5-7 Business days to get approved and a case manager will be assigned to your case. The manager will assess the financial needs for your business for working capital and will approve and release the necessary Funds. The rate for a Disaster Relief loan is currently at 3.75%.
Additionally Banks or Landlords might be willing to waive payments for the next 90 days and work with you on case by case basis. Please make sure you make those phone calls as soon as possible.
My office will remain a resource to inform and help you in any way possible. J.Pappas is exposed to the Diner and Restaurant Industry as much as you are and I truly feel we are in this together. I will provide updates as they become available.