The federal Coronavirus Aid, Relief, and Economic Security (CARES) Act has a number of provisions to assist businesses and nonprofits impacted by COVID-19.
APPLICATIONS OPEN TODAY: SBA Paycheck Protection Loans
Provides cash-flow through forgivable federal loans for employers who maintain their payroll despite closures or disruptions.
Approved lenders may begin processing loan applications today, April 3, 2020. Learn more.
SBA Economic Injury Disaster Loans
Available to businesses and nonprofits, the SBA’s Economic Injury Disaster Loan 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. Apply online directly with SBA.
SBA Economic Injury Disaster Advance
Applicants for SBA’s economic injury disaster loan program can apply for a loan advance of up to $10,000. To access the advance, you must apply for an SBA Economic Injury Disaster Loan (EIDL).
Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid. Apply online directly with SBA.
SBA Small Business Debt Relief Program
Provides relief to small businesses with non-disaster SBA loans. SBA covers principal and interest on new 7(a) loans issued prior to September 27, 2020 and current 7(a) loans for a period of six months.
To access this program, contact your SBA lender for more information.
Counseling & Training
Business counselors are available through your local Small Business Development Center (SBDC), Women’s Business Center (WBC), or SCORE mentorship chapter to guide through this uncertain time. Counseling is free and training is low-cost. Check availability here.
IRS Employee Retention Credit
The Employee Retention Credit provides a refundable payroll tax credit for 50 percent of wages paid by eligible employers. This resource is not available to employers receiving assistance through the Paycheck Protection Program. Learn More.
Comments powered by CComment