Our nation's small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains emergency relief resources for American workers and small businesses.The Small Business Administration
ECONOMIC INJURY DISASTER LOANS (EIDL)
Expanded by the CARES Act, the EIDL program has been around for a couple of years and is intended to provide economic relief to businesses that are currently experiencing a temporary loss of revenue during a declared disaster. Here’s our step-by-step guide.
DEBT RELIEF PROGRAM
The SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020.
EXPRESS BRIDGE LOANS
These loans allow small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
Click here for the Small Business Administration’s COVID-19 page, where you’ll find additional programs as well as more resources and guides for coronavirus-impacted businesses.