Know Your Options – Small Business Relief
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Know Your Options – Small Business Relief
Many permanent makeup artists are also owners of academies, training centers, or studios. In fact, business owners make up nearly half of the working population in the United States, leaving nearly 50 percent of artists without their main source of income during recent closings. We want to share with you other options for temporary financial assistance.
What is the SBA?
The Small Business Administration (SBA) in the United States was created to help small businesses and owners succeed, especially during difficult times. They provide loans, advice, and assistance during disasters and have included options for owners struggling from closings caused by COVID-19.
What does this mean for PMU studio owners?
As business owners in the United States, you could be eligible to apply for low-income loans due to COVID-19 closings. The Economic Injury Disaster Loan was formed to provide selected businesses that are experiencing temporary loss of revenue with an advance of up to $10,000. According to their website, this type of loan does not require repayment.
With the volume in applicants, if a small business has an urgent need for cash while waiting for the decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.You can also try to find a location near you or call the disaster relief hotline at 1-800-659-2955. They can also be reached by email at disastercustomerservice@sba.gov. Depending on your location the process might vary. They also offer free business counseling.
The U.S Department of Labor is an additional resource. The Wage and Hour Division is providing job-protected leave under the Family and Medical Leave Act and paid sick leave and expanded family and medical leave under the Families First Coronavirus Response Act (FFCRA). The FFCRA will also help by giving all American businesses with fewer than 500 employees funds to provide employees with paid leave, to use for their own health needs or the needs of their family members.
As we navigate through this time we want our artists, studio owners, instructors, and their families to know we’re here with you and will continue to be an outlet for information. Click Here to access all forms to download.
Many permanent makeup artists are also owners of academies, training centers, or studios. In fact, business owners make up nearly half of the working population in the United States, leaving nearly 50 percent of artists without their main source of income during...
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