The SBA’s Economic Injury Disaster Loans 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 SBA's Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
If your small business has been impacted by Corona Virus, join this free online training to learn more about the program including:
Eligibility requirements, Use of proceeds, Terms, Filing requirements and additional small business resources
Register now to receive log on instructions emailed to you.
Speaker(s): Paula Wittekind and Lou Farina, SBDC Business Analysts
Fee: No Cost