Paycheck Protection Program

The U.S. Small Business Administration (SBA) will guarantee loans of up to $10 million to eligible businesses, and the loans will be provided by lenders including banks and credit unions. Paycheck Protection Program loans can be forgiven if businesses maintain payroll for eight weeks at employees’ normal salary levels and use the loan proceeds for qualifying expenses. The first round of funding ran out quickly; the second round opens April 27th, 2020 and is expected to run out quickly again.

For more information, click HERE

Economic Injury Disaster Loan Program

As part of its disaster assistance program, the SBA is providing working capital loans of up to $2 million to small businesses and nonprofits affected by the coronavirus. These loans carry an interest rate of 3.75% for small businesses and 2.75% for nonprofits. Loan repayment terms vary by applicant, up to a maximum of 30 years. The stimulus updated the program so that sole proprietors and businesses with fewer than 500 employees qualify, and applicants don’t need to provide a personal guarantee on loans under $200,000. Payments can also be deferred for up to four years. The first round of funding ran out quickly; the second round opens April 27th, 2020 and is expected to run out quickly again.

For more information, click HERE

EIDL Emergency Advance

This loan advance will provide up to $10,000 ($1,000 per employee up to 10 employees) of economic relief to businesses that are currently experiencing temporary difficulties. The first round of funding ran out quickly; the second round opens April 27th, 2020 and is expected to run out quickly again.

For more information, click HERE

SBA Express Bridge Loans

This program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loan or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for a decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

For more information, click HERE