Resources for Small Businesses
SBA Disaster Assistance Loans
Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Small Business Administration (SBA) is offering disaster assistance loans for for small businesses and nonprofits affected by the coronavirus. There are a few loans to chose from.
Paycheck Protection Program - This is an SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
Economic Injury Disaster Loan Emergency Advance - This loan advance from the SBA will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
SBA Debt Relief - As a part of debt relief efforts, the SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and micro-loans for a period of six months.
SBA Express Bridge Loans - This loan enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
The deadline to apply for an Economic Injury Disaster Loan is Dec. 16, 2020.