COVID-19 Loan Programs

Small Business Administration (SBA)

The Small Business Administration offers several options to small businesses as they overcome the challenges created by this COVID-19 health crisis. Created in 1953, the U.S. SBA is the only cabinet-level federal agency fully dedicated to small businesses, providing counseling, capital, and contracting expertise.

To learn more about available Coronavirus relief options, please visit the SBA website.

CARES Act – The Coronavirus Aid, Relief, and Economic Security Act

The CARES Act, signed into law March 26, 2020, allocated up to $349 billion toward job retention and certain other expenses to help small businesses keep workers employed amid the pandemic and economic downturn.

What are the specifics?

Also known as the Paycheck Protection Program, the initiative is an extension of the Small Business Administration 7(a) program and provides 100% federally guaranteed loans to small businesses.

Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll costs plus an additional 25% of that amount.
Loan payments will be deferred for six months.
If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
No collateral or personal guaranty is required. Interest is no more than 4% and repayment, if required, can be over a period as long as ten years.

Which businesses are eligible?

Small businesses, and most private non-profit organizations with fewer than 500 employees.

When can I apply?

Starting April 3, 2020, small businesses and sole proprietorships can apply.
Starting April 10, 2020, independent contractors and self-employed individuals can apply.
We encourage you to apply as quickly as you can because there is a funding cap.

Where do I go to apply?

To participate, contact your bank. All current SBA 7(a) lenders are eligible lenders for PPP. The Department of Treasury will also be in charge of authorizing new lenders, including non-bank lenders, to help meet the needs of small business owners. For more information, please visit: sba.gov.

SBA Disaster Assistance Loans

The Small Business Administration’s Economic Injury Disaster Loan (EIDL) program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

Small business owners in all U.S. states are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

What are the specifics?

EIDLs are lower interest loans of up to $2 million
To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance.
May be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.

Which businesses are eligible?

Small businesses, and most private non-profit organizations with fewer than 500 employees. This includes:

Businesses directly affected by the disaster
Businesses that offer services directly related to the businesses in the declaration
Other businesses indirectly related to the industry that are likely to be harmed by losses in their community

Where do I go to apply?

For more information, please visit: sba.gov and click on the banner at the top of the page to apply for an EIDL Loan.

Download Disaster Business Loan Application

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