Long Beach attorney Brittney Borruso, who specializes in small business and real estate law, held a virtual discussion on April 17 to help educate small business owners dealing with the coronavirus outbreak.
During her presentation, Borruso touched on topics such as having a strong online presence, having a team of advisors and spoke about how local companies might benefit from two federal loan programs to help them through the coronavirus crises that has shuttered retail stores, as well as major firms.
One of the two U.S. Small Business Administration programs is known as the Economic Injury Disaster Loan, which can grant eligible individuals up to $10,000 in grant funding, but would be limited to $1,000 per employee. Anything approved over $10,000 would be considered a long-term loan and subject to an interest rate of 3.75 percent and 2.75% for non-profits. Business owners can apply for this loan directly on the SBA’s website.
The second program is the Paycheck Protection, which could grant eligible businesses with 2.5 times its average monthly payroll to be used at least 75 percent on payroll and no more than 25 percent on rent and utilities. The program is capped at $10 million and as of April 16, the $349 billion federal program has run out of funding.
Borruso said individuals could still apply for the program at SBA approved banks or lenders such as Paypal, Intuit or Square, to try to get a piece of the funding. She added that if used correctly, the PPP would be forgiven.
Borruso, who is a member of the Long Beach Chamber of Commerce, collaborated with the Long Beach Public Library to bring the discussion to fruition. She said business owners should have a conversation with their attorneys and other advisors to determine the best course of action for their respective businesses.
At 27, Borruso opened her own business Borruso Law, P.C., and has operated it for the past five years. She has seen it grow with many hometown businesses as her clientele. She added that it was vital for businesses to have an online presence and to be innovative during these times and afterward.
“People should prepare their businesses for success, even if they’re in a disaster or not,” Borruso said. She added that business owners could take the pandemic as a learning experience and should reevaluate their business and profitability.
Though there was only one meeting planned with the library, she said she was holding other informative discussions to help small businesses. To contact Borruso, individuals can call (516) 206-2740 or email her at brittney@borrusolaw.com.
