Information for Business Owners:
There are two primary options for most business owners: the Coronavirus Aid, Relief, and Economic Security (CARES) Act and/or the SBA Economic Injury Disaster Loan (EIDL).
The government allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans to small businesses.
Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
Are you eligible?
What will lenders be looking for?
How much can you borrow?
SBA Economic Injury Disaster Loan (EIDL)
The SBA has developed a special program to support small business with access to up to $2M with 30-year/3.75% terms, with principal and interest deferment for up to 4 years. The funds may be used for expenses impacted by the disaster including payroll and operating expenses.
Additionally, there is an Emergency Economic Injury Grant available for most businesses for up to $10k and advertised as funding within 3 days. This will not have to be repaid.
For more information on the EIDL and Emergency Grant, please visit the SBA Disaster Assistance page.
Dive Deeper and Get Your FAQs Answered:
Do you have questions about capital to cover the cost of retaining employees? Then the Paycheck Protection Program might be right for you.
Are you looking for a quick infusion of a smaller amount of cash to cover you right now? You might want to look into an Emergency Economic Injury Grant.
Would you like to ease your fears about keeping up with payments on your current or potential SBA loan? The Small Business Debt Relief Program could help.
Maybe you want some quality, free counseling to help you navigate this uncertain economic time? Reaching out to resource partners might be your best bet.
FAQs about all of the programs above and more can be found in this Small Business Owner's Guide to the CARES ACT.