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Small Business Administration Economic Recovery Update
Is the Small Business Administration, aka the SBA, doing enough to help small business owners weather the current economic storm? We're keeping track of the SBA website and news to find out. It's important, because small businesses provide the vast majority of jobs and drive a much greater part of the U.S. economy than large enterprises. SBA chief Karen Mills is pictured above.
The SBA website describes several economic recovery initiatives, including new loan programs. One example is the SBA ARC Loan Program, authorized by the 2009 Economic Recovery Act:
If your small business is stressed meeting expenses during these economic times, the U.S. Small Business Administration has a new loan program designed just for you.
SBA’s America’s Recovery Capital Loan Program can provide up to $35,000 in short-term relief for viable small businesses facing immediate financial hardship to help ride out the current uncertain economic times and return to profitability. Each small business is limited to one ARC loan.
ARC loans will be offered by some SBA lenders for as long as funding is available or until September 30, 2010, whichever comes first.
Here's how to apply and prepare for the application process via your lender:
Applying for an ARC Loan
ARC Loans are provided by commercial lenders and guaranteed by the SBA. Your next step is to contact your lender who will help you determine if you are a candidate for an ARC Loan. Questions they may ask include the following:
Does your small business have an established banking relationship?
Has your small business been in operation for a minimum of two years?
Do you have financial statements (balance sheet, income statement, and cash flow statement) which demonstrate your business had a positive cash flow in one of the past two years (or as long as your business has been operating, if less than two years)?
Does your cash flow projection for the next two years indicate sufficient cash flow to meet your current and future loan payments?
Is your business suffering an immediate financial hardship? For example:
Declining sales and revenues;
Difficulty in making loan payments on existing debt;
Difficulty in paying employees;
Difficulty in purchasing materials, supplies, or inventory; and/or
Difficulty in paying rent and/or other operating expenses
Now that the election is over, Rocket Lawyer will work to help you understand what the transition to a new government, led by President-elect Obama and the new congress, will mean for you and your family, your business or your law practice. The election results clearly indicate that next year will be marked by change. We can certainly expect a flurry of legislation targeted toward economic recovery, potentially including sweeping action on taxation, health care, energy and education.
How can you plan for the new government? What opportunities and risks will emerge in the coming months as a result of America's new political direction? These are important questions that Rocket Lawyer will help answer. The Rocket Lawyer Free Legal Help center will continue to be a good place to find simple answers to your legal questions.
We plan to be very active on behalf of consumers, small business owners and legal professionals. We'll be asking for your opinions so that we can understand how best to serve you. We hope that you will take the time to complete our survey and tell us what you think and what legal services and information you need, in this time of change.
Personal and business credit, including rising bankruptcy filings are in the news almost daily. If you are looking for ways to understand your credit and possible legal solutions, like bankruptcy, RocketLawyer.com can be a good place to start. This article describes a few of the personal and business credit and bankruptcy resources you can find from Rocket Lawyer.
Denials of Credit and Credit Repair Help
There are several legal documents to help you if you have been denied credit. They include the following: Challenge to Denial of Credit Form, Request a Positive Report Form and the Credit Report Request Form. Also, in partnership with TrueCredit by TransUnion, every Rocket Lawyer Member can access their credit report by establishing a TrueCredit account directly linked from their Rocket Lawyer MyAccount page. TrueCredit can help you monitor your credit and provides lots of helpful tips about how to improve your credit rating with all three credit information agencies.
Bankruptcy Legal Help
The RocketLawyer.com Bankruptcy Worksheet is a good place to start for anyone considering the legal issues surrounding personal or business bankruptcy. The Bankruptcy Worksheet will help you organize and understand your personal financial situation and gather the information that you should have available for your attorney for a pre-bankruptcy consultation. The Bankruptcy Worksheet can also provide the basic information about how to file for bankruptcy, step by step.
Find a Lawyer to help with Credit and Bankruptcy Matters
The free Rocket Lawyer legal directory contains profiles of attorneys in every state who can assist with a variety of legal matters, including credit and bankruptcy legal information and filings. Click here to find a lawyer in your state.
Do you have a list of the essential legal documents for this stage of your life? If the answer is yes – congratulations! You're ahead of the curve...so long as you have executed and properly filed your legal documents.
However, if the answer is no, you're not alone. Most adults don't have an Estate Plan. Similarly, most entrepreneurs, home-based business owners and other small business owners either haven't filed Articles of Incorporation (or LLC documents) for their business or don't keep regular Corporate Minutes. Missing personal and business legal documents increases the risks that your family and business can face in unforseen circumstances.
Want more free information and help? Now, you can easily and quickly complete your personal legal care check up and get the customized information you need in minutes. Just go to RocketLawyer.com and click FREE Legal Care Check-Up "Start Now" .
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