COVID-19 Relief Programs
Coronavirus Relief Options
Are you a small business that is being affected by COVID-19 and need relief options and additional resources to keep your business running? The U.S. Small Business Administration are providing funds to businesses in need of help.
Our nation's small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses.
The SBA are providing 4 options if your business is eligible to receive relief funds for your small business:
Paycheck Protection Program, EIDL Loan Advance, SBA Express Business Loan, SBA Debt Relief
Paycheck Protection Program
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
EIDL Loan Advance
SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses. Agricultural businesses are now eligible as a result of the latest round of funds appropriated by Congress in response to the COVID-19 pandemic. This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
SBA Express Bridge Loans
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
SBA Debt Relief
The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. As part of our coronavirus debt relief effects, the SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Micorloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. This relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans.
See if you qualify for the stimulus check!