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Idaho Business Law Coronavirus and Your Idaho Small Business
By Lane V. Erickson, Idaho Business Attorney
At Racine Olson, we are here to help you and your Idaho small business through this Coronavirus pandemic. We have assisted our clients for more than 70 years in the creation and operation of their small businesses. Through this time, there have been numerous wars, varying economic catastrophes, natural disasters and other difficulties. Despite each of these things, Racine Olson has always been there for its business clients. We are here for you now!
While various health and government agencies and officials throughout the United States and the world are working to create and maintain the safety, security, and health of its citizens, small businesses are also encouraged to do their part in keeping themselves, their employees, and customers safe, secure and healthy as well.
Racine Olson provides this webpage to you during the Coronavirus pandemic as a resource to help you with your small business. We encourage you to review this webpage and our website often as we will be updating it with helpful information for you and your small business.
Paycheck Protection ProgramOne of the first pieces of information that we can provide you with is the Paycheck Protection Program that is being offered to millions of American small business owners. This program is a loan designed through the Small Business Administration (SBA) to provide a direct incentive for small businesses to keep their workers on payroll during the Coronavirus pandemic.
The loan is provided to a small business who has less than 500 employees. The loan is in an amount that is equal to 2 1/2 times a small businesses average monthly payroll. The loan will be fully forgiven if the funds are used for eight weeks’ worth of expenses including for payroll costs, interest on mortgages, rent, or utilities.
More details can be obtained from the SBA at the following website link:
https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp
SBA Debt ReliefAdditionally, if a small business owner is in need of obtaining or is currently paying back an SBA loan, then the program provides specific debt relief. Under this program the SBA will pay the principal and interest of the new 7(a) loan that is issued prior to September 27, 2020. Additionally, the SBA will pay the principal and interest of any current SBA 7(a) loan for a period of six months.
More details about SBA loans can be obtained from the SBA at the following website link:
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
Resources and Information That Could HelpFinally, the SBA provides a great deal of resources to all small business owners in America. This information includes business guidelines, funding programs, loans, local assistance, and so forth.
More details about this information can be obtained from the SBA the following website link:
https://www.sba.gov/funding-programs/loans
As I stated in the beginning. We are here to help. If you have questions or concerns, our business attorneys are still available to be reached by phone or by email. If you have questions about your small business in Idaho during this time, we encourage you to contact us immediately.
ENLIST AN IDAHO BUSINESS ATTORNEY TO HELP YOUOur team of Idaho business lawyers can help you with any of your business structure or operation needs. Whether you are seeking to create a new business or review a current business, we are available to discuss your options and answer your questions at an initial free 30-minute consultation. Call us toll free at 877.232.6101 or 208.232.6101 for a free consultation. You can also email us directly at lane@racineolson.com or stop by our office at 201 East Center Street, Pocatello, Idaho 83201. We can set up an appointment to answer your questions and help you solve your Idaho business problems.
