Assistance for Your Business: COVID-19 SBA Relief Loans

Businesses big or small are feeling the hit of the current situation from our war against COVID-19, but small businesses especially are looking for aid during this time. Small businesses and self-employed professionals are reeling financially, but the government has created loan assistance options to ease their stresses provided by the Small Business Association (SBA). As a coworking center, Office Evolution Hackensack, has many members who are small businesses or independent professionals. It is important that our members understand the opportunities they can take advantage of to stay afloat until these waters become calm once again, and then flourish once again as COVID-19 is defeated.

Here are two loan programs to consider. Details are still coming to market, but this is a summary based on our understanding to date.

Economic Injury Disaster Loan (EIDL)

• Apply through the SBA website: apply here
• Maximum loan is $2,000,000
• Interest rate is 3.75%
• Loan term is up to 30 years
• Collateral for loans above $200,000
• No prepayment penalties

SBA Paycheck Protection Program 

• Apply through your local bank
• Maximum loan is $10,000,000, and loan amount is based on 2.5x an average monthly payroll
• Interest rate is 4.0%
• Loan term is 10-years
• Loan is unsecured and no personal guarantee
• Loan forgiveness is possible based on keeping staff or rebuilding payroll if staff have been reduced
• No prepayment penalties

We hope that these programs will help our coworking members at Office Evolution Hackensack and other businesses and independent professional nationwide.

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At Office Evolution Hackensack, we provide virtual office, coworking, and flex office private office solutions at our shared office center. We offer meeting rooms, offices, hot desking in a shared workspace coworking lounge, a shared reception, a business address, and virtual receptionist services. We have many options and price points, and all terms are flexible. Plus, you become part of a community of like-minded professionals.

Whether you live in Teaneck, Bergenfield, Maywood, Teterboro, Hasbrouck Heights, Moonachie, Little Ferry, Rochelle Park, Dumont, Bogota, River Edge, New Milford, Hackensack, Englewood, Paramus, Tenafly, Fort Lee, and other communities nearby in Bergen and Essex counties, choosing Office Evolution Hackensack in New Jersey will help you be more professional, productive, and profitable.

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