Help Remains For Small Businesses
Now is the time to take action for your small business. Deadlines are nearing and opportunities will come to a close for funding to assist in recovery efforts. The time is now to take action. Consider the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan Program (EIDL) for your recovery efforts. Please note that PPP will close on June 30th.
The Economic Injury Disaster Loan (EIDL) and EIDL Advance application portal is now open to all eligible small businesses, non-profits, and agricultural businesses impacted by COVID-19
SBA’s EIDL program offers long-term, low-interest assistance for a small business or non-profit organizations. These loans can provide vital economic support to help alleviate the temporary loss of revenue. EIDL assistance can be used to cover payroll and inventory, pay the debt, or fund other expenses that are not already covered by a Paycheck Protection Program loan. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. To keep payments affordable for small businesses, SBA offers loans with long repayment terms, up to a maximum of 30 years. Plus, the first payment is deferred for one year. Additionally, the EIDL Advance will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties, and these emergency grants do not have to be repaid. The EIDL program will remain open until the funds are depleted or until 12/30/20.
For additional information or to apply, please visit the SBA disaster assistance website at SBA.gov/Disaster.
Paycheck Protection Program:
The SBA is also assisting small businesses and non-profits with access to the federal forgivable loan program, the Paycheck Protection Program, which is currently accepting applications until June 30, 2020.
Please visit sba.gov for further information and for a current list of participating PPP lenders. Your local SBA office may also assist you.
Note: Eligible businesses may apply for both EIDL and Paycheck Protection Program (PPP) loans.