If you own a small business (under 500 employees), you need to know about the following two Federal programs in order to survive the economic chasm created by the government's response to the Coronavirus (COVID-19).
1. Economic Injury Disaster Loan (EIDL)
As a small business you are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
The $10,000 advance may be used to keep employees on the payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions or pay business obligations, including debts, rent, and mortgage payments.
The application has been streamlined.
APPLY NOW >>
2. Payroll Protection Program
As a small business you can apply for a loan of up to $10 million to cover payroll costs and related business expenses. Here are some highlights:
- Interest Rate: 0.5%
- Forgiveable: Can become a grant (part or all)
Applications are made through your local bank or credit union. For more specifics about the program, please see the U.S. Chamber of Commerce's Coronavirus Small Business Guide & Checklist.
As always, my office is available to help. Small Business is the economic backbone of our rural communities. Thank you for your diligence.
Best regards,
 E. WERNER RESCHKE
State Representative
Southern Klamath & Lake Counties
Capitol Phone: 503-986-1456
Capitol Address: 900 Court St. NE, H-384, Salem, Oregon 97301
Email: Rep.EWernerReschke@OregonLegislature.gov
Website: www.oregonlegislature.gov/reschke
Facebook: Facebook.com/wernerfororegon
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