Small Business Administration
The SBA has released new guidance on their programs that are useful during the COVID-19 crisis.
Economic Injury Disaster Loans and Loan Advances
The advances can be up to $10,000 and small business owners in all U.S. states, Washington D.C., and territories are eligible to apply. The loan program provides small businesses with working capital loans of up to $2 million to help overcome the temporary loss of revenue they are experiencing. To apply for a COVID-19 Economic Injury Disaster Loan, click HERE.
- SBA EIDL Loan Process Overview
- FAQ & Tips for Applying for an EIDL from the SBA
- EIDL Webinar on YouTube
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 with less paperwork. 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 loans 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 decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
CARES Act SBA Loan Program
The Paycheck Protection Program was established Under the CARES Act. Under this program, approximately $349 billion has been allocated to fund federally backed small business loans through the expansion and modification of the Small Business Administration (SBA) 7(a) loan guaranty program in order to keep employees of small businesses employed during this time.