COVID-19 Loan Resources

COVID-19 Loan Resource Guide

Information on federal, state and local financial assistance programs
implemented in response to the Coronavirus pandemic.

CARES Act Fundamentals

The Coronavirus Aid, Relief, and Economic Security (CARES) Act that Congress passed March 27, 2020 offers qualified small businesses, including sole proprietors, independent contractors, and certain nonprofits, financial assistance via the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs.  The initial funds for the PPP and EIDL programs were exhausted within about two weeks after the CARES Act went into effect.  

The President signed H.R. 266 April 24, 2020 replenishing funds.  SBA approved lenders are accepting PPP applications now.  The SBA will resume accepting PPP applications from lenders April 27, 2020 at 10:30am.  EIDL program loans and advances are now limited to small agricultural businesses.

PPP loan forgiveness application and instructions now available via SBA – click here.

 

 

Our goal is to offer information on federal, state and local loan, grant, forbearance and similar programs as the information becomes known to us. By submitting your contact information, you will be added to our email list to receive these updates.

Economic Injury Disaster Loans (EIDL)

Under the EIDL loan program small agricultural business owners in all U.S. states, Washington D.C., and territories are eligible to apply for a loan advance of up to $10,000.  The EIDL 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 due to the Coronavirus (COVID-19).  The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue.  This loan advance will not have to be repaid.

Paycheck Protection Program (PPP)

The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep workers on their payroll.  The SBA will forgive PPP loans if all of the borrower’s employees are kept on the payroll for eight weeks after receipt of the loan proceeds and the borrower uses at least 75% of the loan money for payroll, and no more than 25% for rent, mortgage interest, or utilities.  You can apply for PPP loans through any participating SBA 7(a) lender, federally insured depository institution, federally insured credit union, and Farm Credit System institution.

Other 7(a) Loans & Programs

The SBA is offering Express Bridge Loans up to $25,000. In addition to the new loan programs, the SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.   The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.

Economic Injury Disaster Loans (EIDL)

Under the EIDL loan program small agricultural business owners in all U.S. states, Washington D.C., and territories are eligible to apply for a loan advance of up to $10,000.  The EIDL 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 due to the Coronavirus (COVID-19).  The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue.  This loan advance will not have to be repaid

Paycheck Protection Program (PPP)

The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.  The SBA will forgive PPP loans if all of the borrower’s employees are kept on the payroll for eight weeks after receipt of the loan proceeds and the borrower uses at least 75% of the loan money for payroll, and no more than 25% for rent, mortgage interest, or utilities.  You can apply for PPP loans 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 7(a) Loans & Programs

The SBA is offering Express Bridge Loans up to $25,000. In addition to the new loan programs, the SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.   The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.

Federal and State COVID-19 Resource Links