COVID-19 RESPONSE FROM THE U.S. GOVERNMENT

You may now be eligible for assistance!

Veterinary practices and other small businesses with less than 500 employees in every state and territory are now eligible to apply for loans from the federal government through the Small Business Administration programs.

Deadline: 12/31/2020

Small Business Disaster Assistance Loans

The Coronovirus Aid, Relief, and Economic Securities (CARES) Act allots $10 billion for EIDLs to help small businesses during the COVID-19 crisis, and applying is easier than ever.

APPLY NOW
  • Loans up to $2M
  • 30-year term
  • 3.75% interest rate for small business
  • 2.75% interest rate for non-profits
  • First month’s payment is deferred a full year from the date of the promissory note
  • No loan fees, guarantee fees or prepayment fees

Terms

Credit Score

Can be approved by the federal government solely on an applicant’s credit score.

$10K Grants

$10,000 grant can be received even if the applicant doesn’t qualify for additional funds.

Loan Size

Loans smaller than $200k can be approved without a personal guarantee.

Eligibility

Small businesses, sole proprietors, and non-profits such as animal shelters, are all eligible to participate in this loan program.

Deadline: 6/30/2020

Federal Paycheck Protection Program

Up to $10M in loans, at 1% interest,
to be paid back within 2 years, unless eligible for forgiveness.*

For more information go to SBA.gov or contact your lender.

Monthly payroll

$10k month or $120k year

Eligibility

$120k x 2.5 =

$300k loan

*Only available through June 30, 2020.

  • Loans are based on average total monthly payroll costs over the last year times 2.5.
  • The interest rate will be 1%.
  • Maturity of two years.
  • 100% guaranteed by SBA (meaning the lender will have 100% guarantee from US Government).
  • No collateral required.
  • No personal guarantee required.
  • Borrower pays zero fees to the bank/lender.
  • Loans can cover employee salaries, rent, mortgage interest, utilities, health insurance, and other business expenses.
  • You must be under the SBA threshold to qualify.
  • For an independent vet practice, you can qualify for this program if you have annual revenues of $8M or less or fewer than 500 employees.
  • To receive a loan, you have to certify that you need a loan to support your operations, and will use it to maintain your workforce, and have not received other loans.
  • Loans will be forgiven if the business maintains its workforce and benefits from 1/15/2020 through 6/30/2020.
  • Where employee shifts or wages are reduced during that period, loan forgiveness drops.

Application Checklist

What You'll Need to Apply

  • Individual owner/agent ownership percentage of the business
  • Business entity information and guarantee (if applicable)
  • The person or parties who assisted with the application (accountant, lawyer, etc.)
Please check with your financial, tax, legal and/or payroll advisors for confirmation of your eligibility and responsibilities under the various CARES Act loan programs.
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