SBA Paycheck Protection Program
The $2 trillion coronavirus relief package signed last week, officially known as the CARES Act, includes nearly $350 billion for a federal small business loan program called the Paycheck Protection Program (PPP). The program is designed to get cash in the hands of small businesses quickly, and incentivize business owners to keep employees on payroll by offering them loan forgiveness.
Starting April 3, 2020, SBA will begin accepting applications (through their lenders) for Paycheck Protection loans.
Click here to access an overview of the program
Click here for the borrower information sheet
Click here to access the application for borrowers
Economic Injury Disaster Loans (EIDL)
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
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. 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.
Click here to access the application for borrowers.
Pandemic Unemployment Assistance (PUA)
On March 27, 2020, the President of the United States signed a law that provides additional Unemployment Insurance (“UI”) assistance to workers impacted by COVID-19. This new law provides:
Pandemic Unemployment Assistance – Extended eligibility for individuals who have traditionally been ineligible for UI benefits (e.g., self-employed workers, independent contractors);
Pandemic Unemployment Compensation – An additional $600 per week, on top of regular benefits, to all UI recipients; and,
Pandemic Emergency Unemployment Compensation – An additional 13 weeks of UI benefits, beyond the regular 26 weeks already provided, for a total of 39 weeks of coverage.
Click here for more information.
Click here to apply.