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Loans for Small Businesses Impacted by COVID-19

Courtesy of US Small Business Administration

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Coronavirus-Related Small Business Guidance

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.

In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak, including:

  • Paycheck Protection Program (PPP)
  • Economic Injury Disaster Loan (EIDL)
  • SBA Express Bridge Loans
  • SBA Debt Relief

Requirements for a Disaster Assistance Loan has been relaxed. For under $25,000 no collateral is required.           

To find out about Coronavirus Relief options or to start the process for a SBA Disaster Loan go to: www.sba.gov/funding-programs/loans/coronavirus-relief-options

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses and  2.75 for non-profits.  SBA offers long-term repayments in order to keep payments affordable, up to 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.  

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