America is The Riches, and innovative Country in The World!

Published: March 31, 2020

With the lockdown on restaurants, churches, and other small businesses has devastated the global economy. Now the first of the month rents are due, auto, credit cards, and mortgages, so what is one to do, due to lay-offs, furloughs owing to their employer now closed? We are now living in strange times that no one has seen before, and we may never be the same. March 24, 2020, Congress passed, and the President signed over the weekend the law into effect. This $2 Trillion Stimulus Act is to help small business, and fellow Americans get money while dealing with the uncertainty of work and earning a living.

However, the United States is the most innovative country in the world. Entrepreneurship, innovation, creativity is the lifeblood of America, and times as these, the entrepreneur mindset begins to sprout. Now it is true that we may never go back to where we were, but with technology, the internet and the lowering of the cost for one to own a computer will make the next workforce more techie than not. Thus, this will not be our last virus or epidemic in the world, nor is this the first; however, we must learn from them and be prepared in the future how to deal with it.

The Cares Act

The Federal Government, effort to keep the economy moving, has developed an 800-page document to help small businesses called “The Cares Act,” which includes $375 Billion for the small business community and falls into three different and distinct groupings. (1). Paycheck Protection Program: This program designed to provide $349 Billion in forgivable loans, ensured they maintained 90% of the workforce when they received the loan; if done, the loan becomes a grant, and it doesn’t have to be given back. Small Businesses with less than 500 employees, for-profit or non-profit, if you are an independent contractor, self-employed, they are eligible, and the program will be open until June 30, 2020.  Therefore, it allows small businesses to get loans to pay 2.5 months of payroll and made through SBA’s network of its 2,500 7 (a) lenders.

However, these loans must come from a small businessperson bank, and they must be part of the SBA’s network:

  • 4% maximum interest rate
  • 10-year loan term
  • The loan is forgiven if used within the first 8-weeks of operation expenses

(2) Debt Relief for Current and New SBA Borrowers

This bill covers $17 Billion in debt payment relief. This program the SBA will pay principal and interest for up to 6 months on SBA backed loans-Economic Injury Disaster Loans (EIDL):

  • 30-years a maximum of $2 Million
  • 3.75 interest rates for small businesses
  • These applications approved on the credit score of the applicant
  • Prior bankruptcies will not disqualify you
  • EIDL can be approved without a personal guarantee, which is dependent on the amount
  • The requirement that one can obtain credit elsewhere has been waived
  • No fees, or prepayment penalties
  • $10,000 in emergency cash advance that can be forgiven if used for:
  • Maintaining one’s payroll
  • Mortgage or lease payments          
  • Supply Chain Disruptions
  • An obligation that can not be paid due to lack of revenue

These funds of $10,000 emergency cash advances can be provided even if you do not qualify for other funds. To apply, go to

(3) Paid Sick Leave

This link view for yourself and comes directly from the Department website;

” industries with less than 50 employees may succeed for exclusion from the obligation to deliver leave due to school closings or child care inaccessibility if the requirements would jeopardize the viability of the business as a going concern.”


As changes come about, this blog will update. Moreover, for the most part, these loans will take some time, so it is advised to put in applications sooner than later and have the patience for there is a multitude of others who are seeking the same program(s). However, if you want to obtain funds quicker, within 3-days after approval, and approval is within 24-hours. Thus can be a line of credit or bridge loan to bridge the gap until your other loans become available, then you can pay the bridge loan back. Want to know more about our bridge loan use this link or line of credit

In closing, be healthy, be blessed, and stay innovative.
Dr. Donald E. Mitchell, Entrepreneur, Founder of Donald E. Mitchell Agency, Inc.

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