Help for Tow Companies During COVID-19

HELPFUL LINKS AND INFO

AN SBA UPDATE TO ERSCA MEMBERS
4/7/20

As stated in last week’s communication, ERSCA wants to be able to provide our Members and the towing community as many resources as possible with the SBA programs that are available for small businesses. Many of our Members have stated they are having delays getting in the required documentation needed through some large banks. As stated on the webinar from last Friday, many large banks were delayed from accepting applications. We have spoken to several of our Members that have been able to get their completed paperwork in with a certain lender, Level Up Funding. They have been successful in assisting with the required paperwork necessary to get into the SBA pipeline. We have included a Borrower Information fact sheet below. There are many lenders you can choose from. We encourage you to read through the facts sheets to better prepare yourself for these government programs. To begin the application process with Level Up Funding, click below. Stay healthy and safe.

START APPLICATION HERE
borrower information fact sheet

NOTES:

  • All business owners (even sole props and independent contractors) should be applying for the EIDL (Economic Injury Disaster Loan): http://www.sba.gov/disaster
    • You can receive an up to $10,000 advance grant that does not have to be repaid – this is not a loan, this is a grant to help businesses
    • You do not have to accept the loan if it is offered to you
  • EIDL loans are done directly through the SBA website (http://www.sba.gov/disaster)
  • The “forgiveness” program (PPP – Paycheck Protection Program) is done through an approved bank (Alerus is an SBA Preferred Lender), and that application process has not been formalized yet
  • Businesses are able to take advantage of both programs