StreetShares co-founder offers tool to apply for popular SBA program
Many American businesses are very interested in knowing how to apply for the $349 billion Small Business Administration (SBA) loan program, which will be forgiven if requirements are followed.
In brief, you go to your bank, you go to your small business lender, you go to your credit company, and they're going to come up with a plan. You just make that application directly, and the money will be in your bank account by direct deposit starting as early as this Friday.
Mark L. Rockefeller is co-founder of StreetShares. The company has made a tool available for small business owners, which allows them to apply and tells them who is eligible, and how to connect. Rockefeller was interviewed on this topic on Fox Business Network. Here is what he said during the program:
“Any small business, nonprofit and gig economy worker contractors... if they have less than 500, employees... are eligible, and if they have paid payroll, they are eligible for this. This is $349 billion in aid. This is under the CARES act which is the $2 trillion-plus package that we have, but there's almost $350 billion of it devoted to small business. The big problem is that most banks are closed. Entrepreneurs, small business owners are working from home. And so there's a massive distribution problem. That's what we're trying to help with.
“Between the borrower and the government there is less bureaucracy, but the challenge is only 1% to 2% of banks have the technology to distribute small business loans digitally, and remotely, so that is something that we're trying to help them with right now.
“The Treasury Department is working on it right now.. We actually spoke to some of the high- level folks at Treasury yesterday. The plan is to come out Friday is what we were told, but I'm not a government spokesperson but we were told Friday.
Stuar Varney of Fox Business Network said, “When they make this application, as I understand it, they should have documentation for the last eight weeks of payroll, and that will be used as money which is going to be given to them also a loan to them, eight weeks of payroll going forward plus 25% of their overhead. Is that accurate?”
Rockefeller responded: “There's a calculation on the back end that is roughly 2.5 times the payroll, that you have monthly, that is roughly the amount for which you are eligible. The challenge is is that folks don't know if they qualify and if so for how much. And so we have this tool. It's located at www.businessreliefcalculator.org (link), to allow folks to have that peace of mind. The point of this legislation is to prevent job loss. That is the first domino in a more systemic economic problem. And so, we're trying to get this out there as fast as we can to prevent job loss. And this tool is one way to bring those business owners peace of mind that they qualify and if so for how much.”