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Latest Insights on COVID-19

close up of a coronavirus molecule

Latest Insights on COVID-19

Providing Assistance for Small Businesses

The US Small Business Administration (SBA), through provisions in the CARES Act, is providing support for small businesses affected by COVID-19. Relief is available to small businesses – those with less than 500 employees (including sole proprietorships, independent contractors and self-employed individuals), eligible nonprofit organizations, veterans organizations and tribal businesses described in the Small Business Act – through the programs listed below.

Following our SBA Loans webinar we compiled an FAQ document to help clients navigate the available options.

FAQ

Paycheck Protection Program (PPP)

  • A loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
  • SBA will potentially forgive loans, if you meet the qualifications. For SBA potential forgiveness terms visit here.
  • Apply through any existing SBA 7(a) lender or through any participating federally insured depository institution, federally insured credit union, and Farm Credit System institution.
  • Access the PPP borrower application form here.

Economic Injury Disaster Loan (EIDL) Program

  • A loan advance of up to $10,000 to provide economic relief for loss of revenue.
    • This loan advance will not have to be repaid.
    • You must apply for the advance at the end of the EIDL application process.
  • EIDL program loans are up to $2 million with terms up to 30 years and interest rates of 3.75% for small businesses and 2.75% for non-profits.
  • Funds will be made available following a successful application found here.

SBA Express Bridge Loans

  • Allows small businesses with a current business relationship with an SBA Express Lender to access up to $25,000 quickly.
  • Loans can provide economic support for lost revenue and can be term loans or used to bridge the gap while applying for a direct SBA EIDL (see above).
  • Small businesses that have an urgent need for cash while waiting for decision and disbursement on an EIDL may qualify for an SBA Express Disaster Bridge Loan.
  • Express bridge loans will be repaid in full or in part with proceeds from an EIDL.
  • Access application process information here.

Find a full breakdown of resources for COVID-19 Small Business Guidance & Loan Resources here.

PPP FAQ

Paycheck Protection Program (PPP) - FAQs

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