COVID-19: This pandemic has brought sweeping societal changes that have affected not only the health of our citizens, but that of our economy. It has brought our nation, and much of the world, to a standstill.

People will engage in political and scientific arguments for years over the issues surrounding this virus, but in the meantime, we’re wondering when we can get back to work or exactly how long we can hold out through a shut-down.

If you’re a business owner, there ARE powerful financial tools available for you to use during this difficult time. Tools that can protect both your business, and your employees, throughout this crisis.

As with many grant and loan applications, the process can be intimidating to those unfamiliar with it; but I’d like to personally help you navigate this process as a public service to our community. I have put together a quick summary of the types of funding that could be available to you, so if you are experiencing financial hardships because of the current crisis, I stand ready to provide both guidance and support as needed.

There are two major types of funding available right now: EIDL and PPP.
You may apply for both of these loans if you wish but first you’ll need to check your eligibility.
(These loans are available through any SBA approved 7(a) lender.)

EIDLs (Economic Injury Disaster Loans) are for companies undergoing Covid-19 related financial stress. This includes a $10,000 forgivable advance (at that point it becomes a grant). If you qualify as a small business, and depending on the number of your employees, the loans can pay up to $2 million. This amount depends on the economic injury suffered by your business because of the pandemic.

The rules are in place and I can help make sure you have the proper documents with you before you go to the bank. I can also help explain the terms and terminology so that your visit with the bank can be as efficient as possible. The normal EIDL has been streamlined and should take about 2 hours to complete once we’ve got the proper documentation. Once the loans have been approved, the $10,000 advance could come in as soon as 3 to 5 days.


PPP (Paycheck Protection Program) is a payroll loan for businesses with less than 500 employees. Hotels, restaurants and businesses such as independently owned franchises, self-employed workers and independent contractors, sole proprietors – these fall into this category. Timing is important and this loan needs to be applied for as soon as possible. If you’re a business owner, loans are available for 2.5 times your average monthly payroll, up to $10 million. If you follow the guidelines correctly, up to 100% of this loan could be forgiven!

Again, if you feel uncertain about your ability to apply for these funds, I’d like to help you prepare for a successful bank visit. 

Why am I doing this?

I truly love our city of Lexington and the people who live here. We have built an amazing community together, and I want to do my part to help keep us strong and whole. I have been through this process several times already, and I know firsthand how stressful it can be. It is my hope that by offering my experience to others, our community can weather through this storm and come out the other side as a stronger and more connected people. I’m looking forward to meeting you and the day when we can all get back to a sense of normalcy and hope.

Together for Tomorrow,
David Kloiber

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