The SBA is no longer accepting PPP applications as the deadline to apply expired on August 8, 2020. Click here to learn more.

Small Business Relief Financing for COVID-19

At Rapid Finance, our mission is to find solutions for small business owners, fast. With the passing of the CARES Act, the SBA has created new processes where you can quickly apply for both the PPP (7a) and EIDL (7b). Select your option now.
Learn about PPP 7(a)
Learn about EIDL 7(b)

COVID-19 Relief Financing Options

COVID-19 has affected businesses all over the United States and there is a lot of uncertainty as businesses make their way through the pandemic.  Rapid Finance is here to help. We know the amount of information surrounding the outbreak can be overwhelming. Good news is that there is small business relief financing for COVID-19 available. That’s why we’ve created this page to help you find information about government financial relief programs, private sources of assistance to your business, and resource guides to help navigate your way through the outbreak.

SBA 7(a) AND 7(b) LOAN PROGRAMS

The SBA has the 7(a) Paycheck Protection Program and 7(b) Economic Injury Disaster Loan (EIDL), available to eligible businesses affected by COVID-19. We break down the requirements, application process, and benefits of each.

Learn More

COVID-19 BUSINESS RESOURCE CENTER

As the pandemic continues, it’s hard to follow changing state and federal regulations and keep your business afloat. We’re creating new resources to help you keep up-to-date and keep your business going.

Learn More

OTHER SOURCES OF FINANCING

With the economic impact the country is facing, some businesses and organizations are pitching in to help small business owners through this pandemic. Find options for relief financing for COVID-19 available to qualifying companies.

Learn More

Relief Loans and Grants by State

For information on your states current COVID-19 guidelines and restrictions, please visit their website. For additional information, please visit this website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Alabama residents. More details on the loan provided at the top of the page. For more info please visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

Alabama Office of the Governor

Resources for Alabama Businesses and Nonprofits. For more information, please visit their website.

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Alabama residents. More details on the loan provided at the top of the page. For more info please visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

Alaska Department of Commerce, Community, and Economic Development

For more information on state loans available, please visit their website.

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

WaFd Bank

The WaFd Bank is offering a revolving five year line of credit. Approval is subject to annual revenue and the maximum available is $200,000. Please contact your local branch for more information.

Requirements:

  • Businesses who have a 10% or greater drop in revenue

To apply visit, https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Alabama residents. More details on the loan provided at the top of the page. For more info please visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Alabama residents. More details on the loan provided at the top of the page. For more info please visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

 Arkansas Quick Action Loan Program

The Quick Allocation Closing Fund allocation will prioritize companies that are in the supply chain of essential goods and services, including healthcare, food manufacturers, and logistics. The allocation from the Attorney General will support small businesses. The program includes both loan guaranties and direct lending to businesses.

Loan information:

  • AEDC will guaranty up to 80% of the principal balance of a loan issued by a lender participating in the program
  • The amount of AEDC’s guaranty is capped at $250,000
  • Loans are at zero interest and may be amortized for up to two years
  • Loans issued directly to borrower by AEDC
  • Borrower must demonstrate that it has been adversely impacted by the health emergency
  • Proceeds may be used for working capital, inventory, payroll, and other uses that facilitate the continuation of business operations
  • Borrower will be subject to the lender’s customary underwriting and collateral requirements
  • Loan amount may be amortized for up to 5 years
  • Initial payments may be deferred for up to 90 days at the option of borrower and lender
  • Payments may be deferred for up to 6 months following closing on the loan
  • Borrower and participating lender must sign loan guaranty agreements with AEDC, which will include job retention requirements for the borrower.

Requirements:

  • Borrower must demonstrate to AEDC that it has no other satisfactory financing options available to it through commercial lending or through other government programs such as the SBA Economic Injury Disaster Loan Program
  • Borrower must demonstrate that it has been adversely impacted by the health emergency
  • Borrower must satisfy AEDC’s financial underwriting requirements
  • Borrower must agree to job retention requirements

There does not appear to be an online application. Applicants should contact via email at COVID19.businessinfo@arkansasedc.com or by phone at 501-682-1121 or toll-free: 1-800-ARKANSAS

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Alabama residents. More details on the loan provided at the top of the page. For more info please visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

 California Disaster Relief Loan Guarantee Program-COVID-19

Loans up to $20 million with a max guarantee of $1 million for up to 7 years with guarantees up to 95% of the loan. Interest rates negotiated between lender and borrower.

Requirements

  • Small businesses located in CA with 1-750 employees
  • Eligible non-profits

If you are interested in applying, contact one of the lenders at https://www.ibank.ca.gov/publications/fdc/

Jump Start Loan Program

For businesses who expects to use the loan proceeds in California. Loans start at $500 and range up to$10,000 with terms up to  five years full amortized

Requirement

  • Small businesses or individuals who are becoming small businesses who are located in CA can apply
  • Borrowers must be a low wealth entrepreneur with a business located in a in a declared disaster area… or
  • Borrowers must be a low wealth entrepreneur located in a low-wealth community within both:
  • A county with a per capital income equal to or less than 115-percent of the statewide average
  • A city or unincorporated area with an unemployment rate equal to or greater than the statewide average
  • Borrowers annual income must be equal to or less than the statewide average

If you are interested in applying you may visit any of the following sites:

https://cacapital.org/

https://www.calcoastal.org/

https://nor-calfdc.org/

https://www.pcrcorp.org/

Farm Loan Program:

Loans up to $1,399,000 for small farms in the state of California.

Requirements:

  • Must be a US citizen
  • Acceptable credit history
  • Capacity to incur the loan obligations
  • Not be delinquent on Federal debt
  • Farm must be located in CA
  • Obtain loan without a guarantee
  • Be the owner or tenant operator of a family farm after the loan is closed

If you would like to apply then please visit  https://www.calcoastal.org/  or https://www.vsbdc.com/

South County EDC’s Emergency Business Loan Program:

South County Economic Development Council (South County EDC) has established a no-interest loan to restaurants residing in South County to help provide some economic relief  during COVID-19. This loan will assist small restaurants to remain open and continue to provide meals during this national emergency. South County EDC is providing a one-time $5,000 no-interest loan with repayment due on April 1, 2021.

For more information or if you wish to apply, please visit their website.

San Francisco Office of Economic and Workforce Development

City sponsored loan program. For more information visit, https://oewd.org/resources-businesses-and-employees-impacted-covid-19

County of Los Angeles COVID-19 Information for Businesses

County sponsored loan program. For more information visit, https://covid19.lacounty.gov/covid19/consumers-businesses/for-businesses/

Los Angeles City Small Business Emergency Microloan Program

City sponsored loan program. For more information visit, https://ewddlacity.com/index.php/microloan-program

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Alabama residents. More details on the loan provided at the top of the page. For more info please visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Alabama residents. More details on the loan provided at the top of the page. For more info please visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Federal loan available to Delaware residents. More details on the loan provided at the top of the page. For more info please visit DE 16342 – SBA Offers Disaster Assistance to Delaware Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

Delaware Hospitality Emergency Loan Program

Loan Information:

  • No interest loans up to $10,000 per business per month to help cover immediate costs for the hospitality industry
  • Businesses with less than $1.5 million in annual revenue and have been in business and operating for at least 12 months
  • 10 year terms with deferred payments for 9 months
  • Can be used for wide range of expenses other than payroll costs
  • Have to operate in one of the four-digit NAICS codes:
    • 7225 Restaurants and Other Eating Places
    • 7224 Drinking Places (Alcoholic Beverages)
    • 7223 Special Food Services
    • 7211 Traveler Accommodations
    • 7139 Other Amusement and Recreation
    • 7131 Amusement Parks & Arcades
    • 7121 Museums and Historical Sites
    • 7113 Promoters of Performing Arts
    • 7112 Spectator Sports
    • 7111 Performing Arts Companies
    • 4879 Scenic and Sightseeing Transportation, Other
    • 4872 Scenic and Sightseeing Transportation, Water
    • 4871 Scenic and Sightseeing Transportation, Land
    • 3121 Beverage Manufacturing
    • 3118 Bakeries and Tortilla Manufacturing

If you are interested in applying, here is the online application

Eligibility requirements:

  • Proof business in operation for over 12 months
  • Income statement showing the business has no more than $1.5 million annual revenue
  • Including proof the business has been current for the least 80 percent of payments over past 12 months and not past due in the month prior to the current month for which the business is applying for relief (proof of payments or a letter to the entity for which the money is due)
  • Copy of billing statements or invoices for unavoidable expenses to support amount of funding request
  • Proof of payment over the past 12 months for expenses for which funding is requested. This may be in the form of an account statement or letter from the relevant vendor/creditor
  • Financial statements for most recent year completed
  • Copy of Delaware business license.

Once you fill out the application make sure to submit it along with requested documents to business_finance@delaware.gov

For more information, please  visit https://business.delaware.gov/coronavirus/

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Federal loan available to District of Columbia residents. More details on the loan provided at the top of the page. For more info, please visit their website. 

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Federal loan available to Florida residents. More details on the loan provided at the top of the page. For more info please visit FL 16353 – SBA Offers Disaster Assistance to Florida Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

For information on your states current COVID-19 guidelines and restrictions, please visit their website. For additional information, please visit this website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Georgia residents. More details on the loan provided at the top of the page. For more info please visit GA 16347 – SBA Offers Disaster Assistance to Georgia Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

Georgia Resources for Small Businesses

For more information, please visit their website.

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Hawaii residents. More details on the loan provided at the top of the page. For more info please visit HI 16369-01 SBA Offers Disaster Assistance to Hawaii Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

WaFd Bank

The WaFd Bank is offering a revolving five year line of credit. Approval is subject to annual revenue and the maximum available is $200,000. Please contact your local branch for more information.

Requirements:

  • Businesses who have a 10% or greater drop in revenue

To apply visit, https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Federal loan available to Idaho residents. More details on the loan provided at the top of the page. For more info please visit ID 16379-01 SBA Offers Disaster Assistance to Idaho Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

For information on your states current COVID-19 guidelines and restrictions, please visit their website. For additional information, please visit this website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Illinois residents. More details on the loan provided at the top of the page. For more info please visit IL 16370 – SBA Offers Disaster Assistance to Illinois Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

 Emergency Small Business Grants and Loans Program

Illinois Small Business Emergency Loan Fund

Program Overview: DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low interest loans of up to $50,000. Businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply. Successful applicants will owe nothing for six months and will then begin making fixed payments at a below market interest rate for the remainder of a five-year loan term.

Application is not available yet, interested applicants are required to fill out the interest form.

Downstate Small Business Stabilization Program

DCEO is repurposing $20 million in CDBG funds to stand up the Downstate Small Business Stabilization Program.  This Fund will offer small businesses of up to 50 employees the opportunity to partner with their local governments to obtain grants of up to $25,000 in working capital.  These grants will be offered on a rolling basis.

Eligibility requirements:

Local governments can apply on behalf of businesses with 50 employees or less. Only units of local government recognized by the Illinois Constitution and able to support economic development activities on a sufficient scale are eligible to apply for Economic Development grant funding.  This includes cities, villages, and counties.  Municipalities must not be a HUD direct Entitlement community or be located in an urban county that receives “entitlement” funds.  A map of eligible areas of the state can be accessed here, see “Staff Contact Information.”

For those interested in applying, you can submit an online application. Please note, only businesses in the eligible areas should work with their local governments to submit.

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Indiana residents. More details on the loan provided at the top of the page. For more info please visit IN 16348 – SBA Offers Disaster Assistance to Indiana Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

Indiana Resources for Small Businesses

For more information, please visit their website.

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Iowa residents. More details on the loan provided at the top of the page. For more info please visit IA 16382-01 SBA Offers Disaster Assistance to Iowa Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Kansas residents. More details on the loan provided at the top of the page. For more info please visit https://www.kctv5.com/coronavirus/small-business-administration-approves-kansas-and-missouri-s-requests-for/article_40da2762-6bb8-11ea-bb33-a78f83540f7e.html 

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

Kansas HIRE Fund – Hospitality Industry Relief Emergency Fund

HIRE has already allocated the initial amount of funds but is still taking applications to survey the need of small businesses across the state.

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Kentucky residents. More details on the loan provided at the top of the page. For more info please visit KY 16377 – SBA Offers Disaster Assistance to Kentucky Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

For information on your states current COVID-19 guidelines and restrictions, please visit their website. For additional information, please visit this website.

Louisiana Loan Portfolio Guaranty Program:

For-Profit small businesses domiciled in Louisiana which employ less than 100 employees, and have been impacted by COVID-19 are eligible to apply. An applicant must reach out directly to a lender to apply. Loan amounts up to $100,000 with terms of 1-5 years.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Louisiana residents. More details on the loan provided at the top of the page. For more info please visit LA 16351-01 SBA Offers Disaster Assistance to Louisiana Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Federal loan available to Maine residents. More details on the loan provided at the top of the page. For more info please visit  ME 16334 – SBA Offers Disaster Assistance to Maine Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

Finance Authority of Maine (FAME) COVID-19 Loan Programs

COVID-19 Relief Interim SBA Finance Loan Program

The COVID-19 Relief Interim SBA Finance Loan Program provides FAME Direct Loans of up to $100,000 with special terms available to eligible borrowers who provide proof of commitment for SBA financing. Eligible borrowers will provide proof of commitment for SBA financing with the intention the FAME loan would be originated for use to business owner until such time as SBA loan is funded. The SBA loan would then pay-off the FAME loan.

Loan information:

  • Must already have a SBA approved loan that you are waiting on
  • Up to $100,000; despite the SBA (COVID-19) limit being $2 million, FAME will only fund up to $100,000 of the loan

Eligibility Requirements:

  • Business must be Maine based
  • Provide proof of commitment for SBA financing for COVID-19

Loan Terms:

  • Interest rate is Wall Street Journal Prime minus 1%, fixed at loan commitment
  • Default Rate is Wall Street Journal Prime plus 2%
  • 90-day term note
  • Payments are interest only
  • Security:
    • Business assets are required
    • Pledge of Receipt of SBA loan funds paid directly to FAME
  • Personal guarantees of the business principals
  • Fees: 1% commitment fee unless loan defaults then commitment fee charged and advanced onto loan

If you would like to apply please visit https://www.famemaine.com/wp-content/uploads/2015/06/FAME_DirectLoan-W.pdf

Here are the required documents to apply:

    1. Application
    2. Copy of your SBA commitment for financing

Once you apply email the completed application package to business@FAMEmaine.com

Please note, if approved, FAME will fund the loan in as little as 48 business hours

COVID-19 RELIEF BUSINESS DIRECT LOAN PROGRAM

The COVID-19 Relief Business Direct Loan Program provides FAME Direct Loans of up to $50,000 with special terms available to Maine-based businesses experiencing interruption or hardship due to COVID-19. These special terms are available only on applications submitted via the FAME Direct Loan Program on or after March 20, 2020. Eligible borrowers with complete applications will have their applications reviewed and approved in an expedited manner.

Loan information:

Provides FAME Direct Loans of up to $50,000 with special terms

Eligibility Requirements:

  • Maine based business experiencing interruption or hardship due to COVID-19
  • Demonstrate that other sources of capital have been exhausted

Loan Terms:

  • 12 month term which can be extended
  • Business assets are required
  • Personal guarantees of the business principals

Fees:

  • closing fees may be financed with the loan proceeds
  • Commitment fee is 0.5% (reduced from 1%)

If you would like to apply, here is the application

For employment plan for employers with 10 or more employees, please visit https://www.famemaine.com/wp-content/uploads/2016/02/EmploymentPlan-W.pdf

For personal financial statement, please visit https://www.famemaine.com/wp-content/uploads/2016/02/PersonalFinancialStatement-W.pdf

Required documents:

  • Application
  • Employment plan for employers with 10 or more employees
  • Personal Financial Statement
  • Statement of how COVID-19 has affected your finances and business operations

Once the application is completed, please email completed application package to business@FAMEmaine.com.

The email must include:

  • FAME Direct Loan Application
  • Employment Plan (employers with 10 or more employees)
  • Personal Financial Statements
  • Statement of how COVID-19 has affected your finances and business operations

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Maryland residents. More details on the loan provided at the top of the page. For more info please visit MD 16376 – SBA Offers Disaster Assistance to Maryland Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Massachusetts residents. More details on the loan provided at the top of the page. For more info please visit MA 16344 – SBA Offers Disaster Assistance to Massachusetts Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Michigan residents. More details on the loan provided at the top of the page. For more info please visit

MI 16356 – SBA Offers Disaster Assistance to Michigan Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

Michigan Resources for Small Businesses

For more information, please visit their website.

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Minnesota residents. More details on the loan provided at the top of the page. For more info please visit

MN 16365 – SBA Offers Disaster Assistance to Minnesota Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

Minnesota Small Business Loan Guarantee Program

Loan program for Minnesota businesses with fewer than the equivalent of 250 employees. The program will provide an 80% guarantee up to a maximum of $200,000. A fee of .25 percent on the guarantee loan principal will be charged for each loan enrolled into the program.

All loans will be made by lenders enrolled in the program – no loans will come directly from DEED.

Minnesota Employment and Economic Development Small Business Emergency Loans

Loan program to assist Minnesota small businesses directly and adversely affected by the COVID-19 pandemic. Loans will range from $2,500 to $35,000 and will be based on the firm’s economic injury and the financial need

Eligibility: Only certain business are eligible to apply. Please review the list to see if your business is eligible: https://mn.gov/deed/business/financing-business/deed-programs/peacetime/

Loan Terms:

  • Interest free
  • Must be paid back monthly over five (5) years and the first payment will be deferred six (6) months
  • Partial forgiveness may be available
  • Loans are only for Minnesota-based businesses

Application: You will need to complete an initial application and then submit it to one of the approved lenders listed on the website.

Minnesota Resources for Small Businesses

For more information, please visit their website. 

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Mississippi residents. More details on the loan provided at the top of the page. For more info please visit

MS 16362 – SBA Offers Disaster Assistance to Mississippi Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Missouri residents. More details on the loan provided at the top of the page. For more info please visit

MO 16387-01 SBA Offers Disaster Assistance to Missouri Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Montana residents. More details on the loan provided at the top of the page. For more info please visit

MT 16340-02 SBA Amends Disaster Declaration Disaster Assistance Now Available to all Montana Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

Nebraska Department of Economic Development

Nebraska Department of Economic Development provides information, assistance and resources for Nebraska small businesses. One such program is the Community Development Block Grant.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Nebraska residents. More details on the loan provided at the top of the page. For more info please visit

NE 16371-01 SBA Offers Disaster Assistance to Nebraska Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

WaFd Bank

The WaFd Bank is offering a revolving five year line of credit. Approval is subject to annual revenue and the maximum available is $200,000. Please contact your local branch for more information.

Requirements:

  • Businesses who have a 10% or greater drop in revenue

To apply visit, https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Federal loan available to Nevada residents. More details on the loan provided at the top of the page. For more info please visit

NV 16341-02 SBA Amends Disaster Declaration: Disaster Assistance Now Available to all Nevada Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to New Hampshire residents. More details on the loan provided at the top of the page. For more info please visit

NH 16343 – SBA Offers Disaster Assistance to New Hampshire Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

For information on your states current COVID-19 guidelines and restrictions, please visit their website.  For additional information, please visit this website.

New Jersey COVID-19 Information Hub

New Jersey announced some state sponsored emergency assistance programs. Please check the website to see if your small business is eligible for the emergency assistance.

For more information, visit their FAQ.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to New Jersey residents. More details on the loan provided at the top of the page. For more info please visit

NJ 16349 – SBA Offers Disaster Assistance to New Jersey Small Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Federal loan available to New Mexico residents. More details on the loan provided at the top of the page. For more info please visit

NM 16339-02 SBA Amends Disaster Declaration Disaster Assistance Now Available to all New Mexico Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

WaFd Bank

The WaFd Bank is offering a revolving five year line of credit. Approval is subject to annual revenue and the maximum available is $200,000. Please contact your local branch for more information.

Requirements:

  • Businesses who have a 10% or greater drop in revenue

To apply visit, https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

 New Mexico Economic Development Department (NMEDD) COVID-19 Business Loan Guarantee Program

NMEDD can guarantee a portion of a loan or line of credit up to 80% of principal or $50,000. Loan proceeds are flexible and can be used for (and not limited to) the following: working capital, inventory and payroll.

Loan information

  • NMEDD will guarantee loan up to 6 months and lenders can reapply up to 6 additional months
  • NOT limited to industry, length of time in business, number of employees
  • Business discloses how they are negatively impacted in application

Application process:

  1. Borrower approaches their lending institution or locates a lender to discuss getting a loan or line of credit
  2. Lender vets project and applies to the program
  3. Lender and NMEDD sign agreement
  4. Lender makes the loan
  5. NMEDD guarantees the loan in case of default
  6. The lender is the one that has to apply

Here is a list of Participating Lenders: https://docs.google.com/document/d/1RQIUC1rxUiYk5x0bBEjaHjsKMJezVn3zgl8Al9vSGUE/edit

For more information, please use the following contact information.

Email: EDD-Finance@state.nm.us

Phone: 505-469-6204

Email: roper@state.nm.us

Phone: 575- 562-0327

Email: Nelson@state.nm.us

Phone: 505-469-6204

LEDA Zero-Percent Interest Loans

Loan overview:  Loans can be used for lease abatement or mortgage assistance. The company must be a qualified entity (manufacturer, non-retail service business with more than 50% of revenue generated out of state). All loans will be required to provide security equal to the amount of the loan

Eligibility requirements:Limited to expenditures for land, building and infrastructure

For more information on  LEDA loans, find & contact your Regional Representative, or contact Mark Roper, Roper@state.nm.us or 575.562.0327

The Loan Fund

The nonprofit organization offers business loans and lines of credit up to $500,000 to businesses throughout New Mexico

If you are interested in applying, please checkout the website for the application.

If you would like to get in touch, please call at 505-243-3196 or email at info@loanfund.org

Dream Spring Loan

Dreamspring is a nonprofit organization that increases access to business credit, offers loans, and provides training throughout New Mexico.

For more information please call 800-508-7624 or email info@dreamspring.org.

LiftFund 

LiftFund is a nonprofit organization that provides education and capital up to $500,000 to business owners and entrepreneurs in Southern New Mexico.

For more information, please call 888-215-2373 or email at info@liftfund.com.

HomeWise

HomeWise is a nonprofit organization that provides business real estate loans up to $375,000 in Santa Fe and Albuquerque.

For more information, please call at 505-469-6195 or email jgilligan@homewise.org.

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Federal loan available to New York residents. More details on the loan provided at the top of the page. For more info please visit

NY 16346 – SBA Offers Disaster Assistance to New York Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website. 

New York City Resources for Small Businesses

For more information, please visit their website. 

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to North Carolina residents. More details on the loan provided at the top of the page. For more info please visit

NC 16345 – SBA Offers Disaster Assistance to North Carolina Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

NC COVID-19 Rapid Recovery Lending Program

    • Loans sizes are capped at approximately two months of current revenue.
    • Loan agreements are structured as follows: First, six months of no interest and no payment, followed by 48 months of principal and interest payments at 5.5% interest.
    • Interest will begin to accrue at the beginning of month 7 (on any unpaid balance).
    • No prepayment penalties.
    • Defaulted loans are subject to collections.

Eligibility requirements:

    • Applicants must be a North Carolina small business affected by COVID-19.
    • Applicants must have at least 1 employee, who could be the self-employed owner.
    • Start-up businesses that began operations before March 23, 2020 are eligible. Businesses that started operations after March 23, 2020 are ineligible.

Other requirements:

    • Any individual with greater than 20% ownership in the applying business must personally guarantee the loan.
    • Proceeds from the loan may only be used for maintaining or restarting a business.
    • The use of loan funds to pay off debts already incurred for qualifying business maintenance or restart purposes may be authorized on a case-by-case basis.
    • Borrowers are required to assign proceeds of any anticipated claims, outside loans, or financial assistance grants to the repayment of their COVID-19 Rapid Recovery Loan.

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to North Dakota residents. More details on the loan provided at the top of the page. For more info please visit

ND 16366-01 SBA Offers Disaster Assistance to North Dakota Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

For information on your states current COVID-19 guidelines and restrictions, please visit their website. For additional information, please visit this website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Ohio residents. More details on the loan provided at the top of the page. For more info please visit

OH 16355 – SBA Offers Disaster Assistance to Ohio Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Oklahoma residents. More details on the loan provided at the top of the page. For more info please visit

OK 16373-01 SBA Offers Disaster Assistance to Oklahoma Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

WaFd Bank

The WaFd Bank is offering a revolving five year line of credit with zero percent interest for the first 90 days. Approval is subject to annual revenue and the maximum available is $200,000.

Requirements:

  • Businesses who have a 10% or greater drop in revenue

To apply visit, https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Federal loan available to Oregon residents. More details on the loan provided at the top of the page. For more info please visit

OR 16378-01 SBA Offers Disaster Assistance to Oregon Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

Beaverton, Oregon: Emergency Assistance Business Program

City sponsored loan program. For more information, please visit  https://www.beavertonoregon.gov/EmergencyBizAssistance

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Pennsylvania residents. More details on the loan provided at the top of the page. For more info please visit

PA 16360 – SBA Offers Disaster Assistance to Pennsylvania Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

Pennsylvania Chamber of Commerce

For more information on state loans available, please visit https://www.pachamber.org/coronavirus/

For information on your states current COVID-19 guidelines and restrictions, please visit their website. For additional information, please visit this website. 

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Rhode Island residents. More details on the loan provided at the top of the page. For more info please visit

RI 16337 – SBA Offers Disaster Assistance to Rhode Island Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

For information on your states current COVID-19 guidelines and restrictions, please visit their website. For additional information, please visit this website. 

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to South Carolina residents. More details on the loan provided at the top of the page. For more info please visit

SC 16352 – SBA Offers Disaster Assistance to South Carolina Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

Small Business Stabilization Forgivable Loan (SBSF)

SBSF loans of up to $10,000 will be made at zero interest in an effort to mitigate losses experienced by our small business community.

Eligibility requirements

    • Businesses with 100 or less employees at the time of loan submission
    • Businesses with a City of Columbia business license
    • Businesses with a physical establishment within the corporate limits of the City of Columbia
    • Businesses with documented or exhibited losses due to COVID-19
    • Applicants must agree to provide a summary and verification report after SBSF loan funds have been exhausted, the report must indicate how the loan funds were spent and include supporting documentation (i.e. receipts, payroll records, etc…). Failure to submit these reports will result in borrower having to pay the loan back in full and forgiveness revoked.

If you are interested in applying, you can apply online or via email

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to South Dakota residents. More details on the loan provided at the top of the page. For more info please visit

SD 16374-01 SBA Offers Disaster Assistance to South Dakota Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Tennessee residents. More details on the loan provided at the top of the page. For more info please visit

TN 16375 – SBA Offers Disaster Assistance to Tennessee Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

WaFd Bank

The WaFd Bank is offering a revolving five year line of credit. Approval is subject to annual revenue and the maximum available is $200,000. Please contact your local branch for more information.

Requirements:

  • Businesses who have a 10% or greater drop in revenue

To apply visit, https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Texas residents. More details on the loan provided at the top of the page. For more info please visit

TX 16381-01 SBA Offers Disaster Assistance to Texas Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

For information on your states current COVID-19 guidelines and restrictions, please visit their website. For additional information, please visit this website.

WaFd Bank

The WaFd Bank is offering a revolving five year line of credit. Approval is subject to annual revenue and the maximum available is $200,000. Please contact your local branch for more information.

Requirements:

  • Businesses who have a 10% or greater drop in revenue

To apply visit, https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Federal loan available to Utah residents. More details on the loan provided at the top of the page. For more info please visit

UT 16338-02 SBA Amends Disaster Declaration: Disaster Assistance Now Available to all Utah Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

For information on your states current COVID-19 guidelines and restrictions, please visit their website. For additional information, please visit this website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Vermont residents. More details on the loan provided at the top of the page. For more info please visit

VT 16361 – SBA Offers Disaster Assistance to Vermont Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Virginia residents. More details on the loan provided at the top of the page. For more info please visit

VA 16359 – SBA Offers Disaster Assistance to Virginia Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

Virginia 30 Day Fund

The non-profit Virginia 30 Day Fund provides forgivable loans for Virginia-based small businesses. The forgivable loan is intended to provide immediate financial assistance (within maximum three days) to meet payroll, preserve healthcare coverage for employees and save jobs while they await recently approved federal funding. Businesses that employ three to thirty people may apply; are based in Virginia and have been operating for at least 1 year; and are owned and operated by a Virginia resident may apply.

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Federal loan available to Washington residents. More details on the loan provided at the top of the page. For more info please visit

WA 16333-02 SBA Amends Disaster Declaration: Disaster Assistance Now Available to all Washington Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

Washington State Employment Security Department

Overview: The Washington State Employment Security Department has helpful information for Washington small business who have been impacted by COVID-19.

WaFd Bank

The WaFd Bank is offering a revolving five year line of credit. Approval is subject to annual revenue and the maximum available is $200,000. Please contact your local branch for more information.

Requirements:

  • Businesses who have a 10% or greater drop in revenue

To apply visit, https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

For information on your states current COVID-19 guidelines and restrictions, please visit their website. For additional information, please visit this website. 

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to West Virginia residents. More details on the loan provided at the top of the page. For more info please visit

WV 16354 – SBA Offers Disaster Assistance to West Virginia Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

For information on your states current COVID-19 guidelines and restrictions, please visit their website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Wisconsin residents. More details on the loan provided at the top of the page. For more info please visit

WI 16363 – SBA Offers Disaster Assistance to Wisconsin Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

For information on your states current COVID-19 guidelines and restrictions, please visit their website.  For additional information, please visit this website. 

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Wyoming residents. More details on the loan provided at the top of the page. For more info please visit

WY 16368-01 SBA Offers Disaster Assistance to Wyoming Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

SBA 7(b) Economic Injury Disaster Loan (EIDL)

The SBA is accepting new 7(b) Economic Injury Disaster Loans and 7(b) Advances for both qualified small businesses and U.S. agricultural businesses. Applicants who previously submitted an application will continue to be processed on a first-come first-served basis. Click here to apply.  For more information on the EIDL loan and advances, click here.

The SBA Economic Injury Disaster Loans provide up to $2 million in assistance with an interest rate of 3.75% for-profit companies and an interest rate of 2.75% for non-profits. The loan terms range up to 30 years, and there are no upfront fees or early payment penalties.When applying for an EIDL, business owners can concurrently apply for an advance of up to $10,000. This loan advance will not have to be repaid.

  • Payments start 12 months after the date of the contract
  • Funds can be used to business expenses. Expenses include paying sick leave for employees who are unable to work due to a direct effect of COVID-19, payroll, materials, rent or mortgage payments, or repaying outstanding obligations

Any business (including sole proprietorships, independent contractors and self-employed persons) affected by COVID-19, has less than 500 employees (or meets the SBA’s size standards for their industry) and was in operation before February 1, 2020, is eligible to apply. Private non-profit organizations or 501(c)(19) veterans organizations  affected by COVID-19 are also eligible to apply

Those interested in applying must apply before December 31, 2020

  • Emergency Advance up to $10,000
  • There is no requirement to repay the advance even if your business is denied the 7(b) loan
  • An eligible small business must apply for the 7(b) loan in order to request the Emergency Advance of up to $10,000

SBA 7(a) Paycheck Protection Program

The SBA is no longer accepting application for the 7(a) Paycheck Protection Program as the deadline to apply expired on August 8, 2020.  If you received a 7(a) loan, you should be able to apply for loan forgiveness at this time.

BNY Mellon

BYN Mellon has not yet announced information regarding the Paycheck Protection Program.

US Bank

US Bank is now accepting applications for the Paycheck Protection Program. If you have not done so already you may fill out an inquiry form here, and US Bank will email an application to apply. At the moment the applications are limited to clients that are single-owner businesses which also includes sole proprietorships, S-Corps, LLCs, and non profits, yet excludes independent contractors with only 1099 income. US Bank will accept submissions from non-US Bank customers but encourage those applicants to apply through their bank first.

To see if your company is eligible for applying, please visit their website. 

Chase

Chase is providing the SBA Paycheck Protection Program to customers that have an existing Chase Business checking account that has been active since February 15th,2020.

For more details to see if your company is eligible, please visit their website.

SunTruist – now Truist w/ BB&T

SunTrust is now accepting application for the SBA  PPP from businesses and nonprofit clients with a business loan or deposit relationship. Clients are encouraged to fill out an online form to apply and enroll to email alerts. SBA loan applications can only be submitted online and are limited to Truist clients.

For more information on eligibility, check out their website. 

PNC

PNC is accepting Paycheck Protection Program applications from clients with an existing business deposit or lending relationship with PNC. For business banking clients you must be enrolled to Online Banking in order to apply. For commercial, corporate, and institutional clients you must fill out a contact form and a PNC representative will reach out.

For more information, please visit their FAQ’s. 

Citi

Citi Bank is currently not accepting loan applications for the new Paycheck Protection Program. To see if your business is eligible once application are opened, please visit their website. 

Regions

Regions is now accepting SBA PPP applications through their online application. to customers who established a banking relationship on or prior to March 1st, 2020.  Applicants are required to have a Regions Online Banking login credentials.

Visit their website for more information regarding eligibility.

Key Bank

Key Bank is only accepting applications for the new Paycheck Protection Program from clients enrolled in KeyBank Business online. If a company has revenues of $10MM or above they are most likely enrolled in KeyNavigator and should contact their RM directly.

To check eligibility, please visit their website. 

Wells Fargo

Wells Fargo is currently not accepting additional requests for the SBA PPP loan. They will review all submitted inquiries by their customers via their online platform through April 5th and provide updates in the following days.

Previously they were accepting applications from existing Wells Fargo customers. For information on eligibility, please visit their website. 

Bank of America

Bank of America is now accepting applications for the PPP loan to small business lending and small business checking relationship clients whom were clients as of February 15th, 2020 or had a small business checking account opened no later than February 15th,2020. Small business checking account clients must not have a business credit or borrowing relationship with other banks in order to be eligible. If you meet the eligibility requirements you may apply here.

Additional information, and eligibility requirements can be found here: https://www.bankofamerica.com/smallbusiness/business-financing/sba-financing/

M&T

M&T is now accepting online application to clients with a business checking account. Only online applications are being accepted.

Eligibility requirements can be found on their website. 

Comerica

Currently Comerica is not accepting applications for the PPP loan but have announced they are planning on taking online applications only very soon. Clients will be receiving an email if they have not already been receiving the PPP updates, existing customers should provide their email address and Comerica will make sure to send an email notification informing you when the site is available.

For more details, please visit their website. 

Citizens

Citizens is currently accepting applications to the Paycheck Protection Program loan from existing clients only, however, due to high demand they do not expect to accept requests from other application within the next week. To request an application you can click here or contact your Citizens Bank relationship manager.

For more details, please visit their website. 

Fifth Third Bank

Fifth Third Bank is now accepting applications to the SBA to customers who have an online banking profile or are users of the Fifth Third Direct. If you are a customers and do not have an online banking profile you can visit 53.com. Those interested in applying should login to your online business account through 52.com or Fifth Third District.

Non customers may be eligible for application later in April.

For more information on eligibility, please visit their website. 

WaFd Bank

WaFd Bank is currently accepting  applications for the Paycheck Protection Program to businesses that are hardhearted in certain states. Residents may apply whether or not they have an existing banking relationship with WaFd Bank as long as the business is headquartered in the 8 states.

The following states are eligible:

  • Arizona
  • Austin/Dallas, Texas
  • Idaho
  • Nevada
  • New Mexico
  • Oregon
  • Utah
  • Washington.

For more information on eligibility, please visit their website. 

  • The Paycheck Protection Program provides small businesses with funds to pay up  to 8 or 24 weeks (depending on when the loan was issued) of payroll costs, costs related to group health care benefits during periods of paid sick, medical or family leave, and insurance premiums. The fund can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.
    • Payroll costs are capped at $100,000 on an annualized basis per each employee
  • A business can apply for a loan of 2.5 average monthly payroll costs up to $10million
    • Use the below methodology to calculate the maximum amount you may be eligible to borrow:
      • Step 1: Aggregate payroll costs from the last twelve months for employees whose principal place of residence is the United States
      • Step 2: Subtract any compensation paid to an employee in excess of an annual salary of $100,000 and/or any amounts paid to an independent contractor or sole proprietor in excess of $100,000 per year
      • Step 3: Calculate average monthly payroll costs (divide the amount from Step 2 by 12)
      • Step 4: Multiply the average monthly payroll costs from Step 3 by 2.5
      • Step 5: Add the outstanding amount of an Economic Injury Disaster Loan (EIDL) made between January 31, 2020 and April 3, 2020, less the amount of any “advance” under an EIDL COVID-19 loan (because it does not have to be repaid)
    • Payroll costs are qualified as:
      • Payroll costs consist of compensation to employees (whose principal place of residence is the United States) in the form of salary, wages, commissions, or similar compensation; cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips); payment for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums, an retirement; payment of state and local taxes assessed on compensation of employees; and for an independent contractor or sole proprietor, wage, commissions, income, or net earnings from self-employment or similar compensation.
    • Term: For PPP loans made before June 5, 2020, the term is two years; however, borrowers and lenders may mutually agree to extend the term of such loans to five years. For loans made on or after June 5, the term is five years.
    • Interest Rate: 1.0%
    • Deferral Period for Payments:
      • If you submit to your lender a loan forgiveness application within 10 months after the end of your loan forgiveness covered period (the 24-week period beginning on the date your PPP loan is disbursed), you will not have to make any payments of principal or interest on your loan before the date on which SBA remits the loan forgiveness amount on your loan to your lender (or notifies your lender that no loan forgiveness is allowed).
      • If your PPP loan was made before June 5, 2020, you may elect to have your loan forgiveness covered period be the eight-week period beginning on the date your PPP loan was disbursed. Your lender must notify you of remittance by SBA of the loan forgiveness amount (or notify you that SBA determined that no loan forgiveness is allowed) and the date your first payment is due.
      • Interest continues to accrue during the deferment period. If you do not submit to your lender a loan forgiveness application within 10 months after the end of your loan forgiveness covered period, you must begin paying principal and interest after that period.
      • For example, if a borrower’s PPP loan is disbursed on June 25, 2020, the 24-week period ends on December 10, 2020. If the borrower does not submit a loan forgiveness application to its lender by October 10, 2021, the borrower must begin making payments on or after October 10, 2021.
    • No personal guarantee or collateral is required
    • Neither the government nor lenders will charge small businesses any fees
    • An eligible business must apply before August 8th, 2020
    • A business is eligible to apply even if the small business is applying to other relief programs
    • No prepayment penalties or fees
    • A business is only eligible to receive one PPP loan, so a business should consider applying for the maximum amount
  • Small businesses with 500 or fewer employees whose principal place of residence is in the United States, the business was in operation on February 15, 2020 and paid employees’ salaries and payroll taxes or paid independent contractors
  • Sole proprietors, independent contractors or eligible self-employed individuals are eligible if they were in operation on February 15, 2020 and must submit documentation to establish such eligibility such as payroll processor records, payroll tax filings, or Form 1099-MISC, or income and expenses from a sole proprietorship or other documents the lender deems sufficient
  • Other businesses may also eligible such as businesses that operate in a certain industry and meet the applicable SBA employee-based size standards for that industries, and:
    • Deemed A small business concern as defined in section 3 of the Small Business Act (15 USC 632), and subject to SBA’s affiliation rules under 13 CFR 121.301(f) unless specifically waived in the Act;
    • A tax-exempt nonprofit organization described in section 501(c)(3) of the Internal Revenue Code (IRC), a tax-exempt veterans organization described in section 501(c)(19) of the IRC, Tribal business concern described in section 31(b)(2)(C) of the Small Business Act, or any other business;
    • Business was in operation on February 15, 2020 and either had employees for whom you paid salaries and payroll taxes or paid independent contractors, as reported on a Form 1099-MISC.
  • The amount of the loan can be forgiven up to the full principal amount of the loan and any accrued interest if the borrower uses all the loan proceeds for forgivable purposes and employees and compensation levels are maintained
  • The actual amount of loan forgiveness will depend, in part, on the total amount of payroll costs, payments of interest on mortgage obligations incurred before February 15, 2020, rent payments on leases dated before February 15, 2020, and utility payments under service agreements dated before February 15, 2020, over the eight-week or twenty-four week period following the date of the loan
  • To receive full loan forgiveness, a borrower must use at least 60% of the PPP loan for payroll costs, and not more than 40% of the loan forgiveness amount may be attributable to non-payroll costs.
  • Funds are provided in the form of loans that will be fully forgiven when 60% of the funds are used for payroll costs, interest on mortgages, rent, and utilities. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease
  • Under the Flexibility Act, it provides that borrowers shall use at least 60% of the PPP loan for payroll costs to receive loan forgiveness, the official interpretation is that the requirement is a proportional limit on non-payroll costs as a share of the borrower’s loan forgiveness amount, rather than as a threshold for receiving any loan forgiveness.
  • An eligible borrower whose loan was made before June 5, 2020 may elect to apply the original eight-week covered period under the CARES Act instead of the 24-week covered period

There is a cap on loan foregiveness for owner-employees and self-employed individuals:

  • For borrowers that received a PPP loan before June 5, 2020 and elect to use an eight-week covered period, the amount of loan forgiveness requested for owner-employees and self-employed individuals’ payroll compensation is capped at eight weeks’ worth (8/52) of 2019 compensation (i.e., approximately 15.38 percent of 2019 compensation) or $15,385 per individual, whichever is less, in total across all businesses.
  • For all other borrowers, the amount of loan forgiveness requested for owner-employees and self-employed individuals’ payroll compensation is capped at 2.5 months’ worth (2.5/12) of 2019 compensation (i.e., approximately 20.83 percent of 2019 compensation) or $20,833 per individual, whichever is less, in total across all businesses.
  • C-corporation owner-employees are capped by the amount of their 2019 employee cash compensation and employer retirement and health insurance contributions made on their behalf.
  • S-corporation owner-employees are capped by the amount of their 2019 employee cash compensation and employer retirement contributions made on their behalf, but employer health insurance contributions made on their behalf cannot be separately added because those payments are already included in their employee cash compensation.
  • Schedule C or F filers are capped by the amount of their owner compensation replacement, calculated based on 2019 net profit.
  • General partners are capped by the amount of their 2019 net earnings from self-employment (reduced by claimed section 179 expense deduction, unreimbursed partnership expenses, and depletion from oil and gas properties) multiplied by 0.9235.
  • For self-employed individuals, including Schedule C or F filers and general partners, retirement and health insurance contributions are included in their net self-employment income and therefore cannot be separately added to their payroll calculation.

Nonpayroll costs are eligible for forgiveness if it was:

  • Paid during the covered period; or
  • Incurred during the covered period and paid on or before the next regular billing date, even if the billing date is after the covered period.
  • Example:
    • A borrower that received a loan before June 5, 2020 uses a 24-week covered period that begins on June 1 and ends on November 15. The borrower pays its electricity bills for June through October during the covered period and pays its November electricity bill on December 10, which is the next regular billing date. The borrower may seek loan forgiveness for its June through October electricity bills, because they were paid during the covered period. In addition, the borrower may seek loan forgiveness for the portion of its November electricity bill through November 15 (the end of the covered period), because it was incurred during the covered period and paid on the next regular billing date.

Loan forgiveness may be reduced if:

  • Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount
  • Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019
  • Re-Hiring: You have until December 31, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020
  • Once again under the Flexibility Act, more items are taken into consideration and if the above did not happen there is still a possibility that the entire PPP loan will be forgiven
  • Example:
    • A borrower is using a 24-week covered period. This borrower reduced a full-time employee’s weekly salary from $1,000 per week during the reference period to $700 per week during the covered period. The employee continued to work on a full-time basis during the covered period, with an FTE of 1.0. In this case, the first $250 (25 percent of $1,000) is exempted from the loan forgiveness reduction. The borrower seeking forgiveness would list $1,200 as the salary/hourly wage reduction for that employee (the extra $50 weekly reduction multiplied by 24 weeks). If the borrower applies for forgiveness before the end of the covered period, it must account for the salary reduction for the full 24-week covered period (totaling $1,200).
  • Example
    • A borrower that received a PPP loan before June 5, 2020 has elected to use an eight-week covered period. This borrower reduced a full-time employee’s weekly salary from $1,000 per week during the reference period to $700 per week during the covered period. The employee continued to work on a full-time basis during the covered period, with an FTE of 1.0. In this case, the first $250 (25 percent of $1,000) is exempted from the loan forgiveness reduction. The borrower seeking forgiveness would list $400 as the salary/hourly wage reduction for that employee (the extra $50 weekly reduction multiplied by eight weeks).
  • Additional flexibility exists for employers who try to rehire employees or increase employees hours, but the employee refuses the offer.
    • If an eligible recipient, in good faith, (A) is able to document (i) an inability to rehire individuals who were employees of the eligible recipient on February 15, 2020; and (ii) an inability to hire similarly qualified employees for unfilled positions on or before December 31, 2020; or (B) is able to document an inability to return to the same level of business activity as such business was operating at before February 15, 2020, due to compliance with requirements established or guidance issued by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration during the period beginning on March 1, 2020, and ending December 31, 2020, related to the maintenance of standards for sanitation, social distancing, or any other worker or customer safety requirement related to COVID–19.
  • A borrower’s loan forgiveness amount will not be reduced is the borrower reduced an employee’s hours, then offered to restores the reduction in hours, but the employee declined the offer. The borrow must calculate and provide the following:
    • In calculating the loan forgiveness amount, a borrower may exclude any reduction in full-time equivalent employee headcount that is attributable to an individual employee if:
      • The borrower made a good faith, written offer to restore the reduced hours of such employee;
      • the offer was for the same salary or wages and same number of hours as earned by such employee in the last pay period prior to the reduction in hours;
      • the offer was rejected by such employee; and
      • the borrower has maintained records documenting the offer and its rejection.
  • Borrowers are exempted from the loan forgiveness reduction arising from a proportional reduction in FTE employees during the covered period if the borrower is able to document in good faith the following: (1) an inability to rehire individuals who were employees of the borrower on February 15, 2020; and (2) an inability to hire similarly qualified individuals for unfilled positions on or before December 31, 2020.
    • Borrower should maintain documents for this exemption which are not limited to: the written offer to rehire an individual, a written record of the offer’s rejection, and a written record of efforts to hire a similarly qualified individual.
    • Borrowers are required to inform the applicable state unemployment insurance office of any employee’s rejected rehire offer within 30 days of the employee’s rejection of the offer.

Instructions on how to apply for the PPP 7(a) loan forgiveness as well as the application is now available.

Questions regarding the PPP loans may be directed to the Lender Relations Specialist in the local SBA Field Office. Local SBA Field Offices may be found at: https://www.sba.gov/tools/local-assistance/districtoffices.

  • Starting April 3, 2020, small businesses can start applying with 7(a) approved lenders
  • There is a funding cap, so it is in the small businesses best interest to apply as quickly as possible
  • A small business 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. Additional lenders should be available in the near future to assist in making the loans. A small business should consult with its local lender to see whether or not that lender is enrolled in the program.
  1. Step 1: Find your 2019 IRS Form 1040 Schedule C line 31 net profit amount (if you have not yet filed a 2019 return, fill it out and compute the value). If this amount is over $100,000, reduce it to $100,000. If this amount is zero or less, you are not eligible for a PPP loan.
  2. Step 2: Calculate the average monthly net profit amount (divide the amount from Step 1 by 12).
  3. Step 3: Multiply the average monthly net profit amount from Step 2 by 2.5.
  4. Step 4: Add the outstanding amount of any Economic Injury Disaster Loan (EIDL) made between January 31, 2020 and April 3, 2020 that you seek to refinance, less the amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid).

 

  1. 2019 Form 1040 Schedule C (regardless of whether or not you have filed a 2019 tax return)
  2. 2019 IRS Form 1099-MISC detailing nonemployee compensation received (box 7)
  3. Invoice, bank statement, or book of record that establishes you are self-employed
  4. A 2020 invoice, bank statement, or book of record to establish you were in operation on or around February 15, 2020
  1. Step 1: Compute 2019 payroll by adding the following:
    1. Your 2019 Form 1040 Schedule C line 31 net profit amount (if you have not yet filed a 2019 return, fill it out and compute the value), up to $100,000 annualized, if this amount is over $100,000, reduce it to $100,000, if this amount is less than zero, set this amount at zero;
    2. 2019 gross wages and tips paid to your employees whose principal place of residence is in the United States computed using 2019 IRS Form 941 Taxable Medicare wages & tips (line 5c- column 1) from each quarter plus any pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips; subtract any amounts paid to any individual employee in excess of $100,000 annualized and any amounts paid to any employee whose principal place of residence is outside the United States; and
    3. 2019 employer health insurance contributions (health insurance component of Form 1040 Schedule C line 14), retirement contributions (Form 1040 Schedule C line 19), and state and local taxes assessed on employee compensation (primarily under state laws commonly referred to as the State Unemployment Tax Act or SUTA from state quarterly wage reporting forms).
  2. Step 2: Calculate the average monthly amount (divide the amount from Step 1 by 12).
  3. Step 3: Multiply the average monthly amount from Step 2 by 2.5.
  4. Step 4: Add the outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance, less the amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid).
  1. 2019 Form 1040 Schedule C, Form 941 (or other tax forms or equivalent payroll processor records containing similar information)
  2. Quarterly wage unemployment insurance tax reporting forms from each quarter in 2019 or equivalent payroll processor records
  3. Evidence of any retirement and health insurance contributions, if applicable
  4. A payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish you were in operation on February 15, 2020
  1. Owner compensation replacement, calculated based on 2019 net profit
  2. Employee payroll costs (as defined in the First PPP Interim Final Rule) for employees whose principal place of residence is in the United States, if you have employees
  3. Mortgage interest payments (but not mortgage prepayments or principal payments) on any business mortgage obligation on real or personal property (e.g., the interest on your mortgage for the warehouse you purchased to store business equipment or the interest on an auto loan for a vehicle you use to perform your business), business rent payments (e.g., the warehouse where you store business equipment or the vehicle you use to perform your business), and business utility payments (e.g., the cost of electricity in the warehouse you rent or gas you use driving your business vehicle). You must have claimed or be entitled to claim a deduction for such expenses on your 2019 Form 1040 Schedule C for them to be a permissible use during the eight-week period following the first disbursement of the loan (the “covered period”). For example, if you did not claim or are not entitled to claim utilities expenses on your 2019 Form 1040 Schedule C, you cannot use the proceeds for utilities during the covered period.
  4. Interest payments on any other debt obligations that were incurred before February 15, 2020 (such amounts are not eligible for PPP loan forgiveness).
  5. Refinancing an SBA EIDL loan made between January 31, 2020 and April 3, 2020 (maturity will be reset to PPP’s maturity of two years). If you received an SBA EIDL loan from January 31, 2020 through April 3, 2020, you can apply for a PPP loan. If your EIDL loan was not used for payroll costs, it does not affect your eligibility for a PPP loan. If your EIDL loan was used for payroll costs, your PPP loan must be used to refinance your EIDL loan. Proceeds from any advance up to $10,000 on the EIDL loan will be deducted from the loan forgiveness amount on the PPP loan.
  1. At least 60 percent of the PPP loan proceeds shall be used for payroll costs. For purposes of determining the percentage of use of proceeds for payroll costs (but not for forgiveness purposes), the amount of any refinanced EIDL will be included.
  1. The amount of loan forgiveness can be up to the full principal amount of the loan plus accrued interest. The actual amount of loan forgiveness will depend, in part, on the total amount spent over the covered period on:
    1. Payroll costs including salary, wages, and tips, up to $100,000 of annualized pay per employee (for eight weeks, a maximum of $15,385 per individual), as well as covered benefits for employees (but not owners), including health care expenses, retirement contributions, and state taxes imposed on employee payroll paid by the employer (such as unemployment insurance premiums);
    2. Owner compensation replacement, calculated based on 2019 net profit with forgiveness of such amounts limited to eight weeks’ worth (8/52) of 2019 net profit, but excluding any qualified sick leave equivalent amount for which a credit is claimed under section 7002 of the Families First Coronavirus Response Act (FFCRA) (Public Law 116-127) or qualified family leave equivalent amount for which a credit is claimed under section 7004 of FFCRA;
    3. Payments of interest on mortgage obligations on real or personal property incurred before February 15, 2020, to the extent they are deductible on Form 1040 Schedule C (business mortgage payments);
    4. Rent payments on lease agreements in force before February 15, 2020, to the extent they are deductible on Form 1040 Schedule C (business rent payments); and 12
    5. Utility payments under service agreements dated before February 15, 2020 to the extent they are deductible on Form 1040 Schedule C (business utility payments).
  1. Borrower certification
  2. Items specific for businesses with employees:
    1. Form 941
    2. Quarterly wage unemployment insurance tax reporting forms or equivalent payroll processor records that best correspond to the covered period (with evidence of any retirement and health insurance contributions)
  3. Items specific for self-employed individuals:
    1. 2019 Form 1040 Schedule C to determine the amount of net profit allocated to the owner during the covered period
  4. Evidence of business rent, business mortgage interest payments on real or personal property, or business utility payments during the covered period if you used loan proceeds for those purposes
  5. 2019 Form 1040 Schedule C that was provided at the time of the PPP loan application must be used to determine the amount of net profit allocated to the owner for the eight-week covered period

For more information about SBA approved 7(a) lenders and the application process, click here https://www.sba.gov/funding-programs/loans

A small business must submit the SBA Form 2483 (Paycheck Protection Program Application Form) and payroll documentation

Application: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf

Borrower FAQ

Instructions on how to apply for the PPP 7(a) loan forgiveness as well as the application is now available.

For more information, please visit https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp

Business needs caused by COVID 19

This new pandemic has caused major impact as cases rise every single day. The need for social distancing has caused the economy to have a major shift. While a recession has not been confirmed, the federal and state government has advised business owners to take extra precautions as they are forced to obligate many businesses to shut down or operate remotely. In consequence, many industries have been negatively impacted and need capital immediately in order to stay in business. Currently, there is no official report stating when this pandemic is anticipated to be over, however, state and federal officials as well as some banks statewide are offering financing options to those that qualify until the country is able to recover.

Small business relief financing for COVID-19 may help businesses that are in need of:

  • Working capital to cover unexpected costs due to economic changes in the company or loss of revenue
  • Payroll to be able to pay employees even if they had to pause work due to the business closing from state regulations as well as employees working remotely. We recommend reading about the new Coronavirus Emergency Aid Package to see if your company meets the requirements
  • Increase in equipment, this is particularly true for many healthcare providers including hospitals and urgent care facilities.
  • Workforce capacity is another huge need for a few companies. Some industries are facing higher demands of product and services due to the pandemic and therefore need more staff to be able to meet the high demands. Pharmacies, supermarkets, and health care providers are the industries that are mostly impacted.
  • Inventory and supply chain has also impacted a lot of companies. Supermarkets, hospital, among many other businesses are on a race to get their hands on new inventory to meet client needs.
resources for businesses during COVID19

The coronavirus is not only taking a toll on the U.S. economy, but also on small businesses across the nation. With the amount of uncertainty small business owners are facing, finding light in the midst of the darkness can be tough. Thankfully, there’s a number of companies offering free help to small business owners during COVID19.  The federal and state government, banks, large institutions, social media platforms and many more are offering financial resources for businesses facing the Coronavirus pandemic.

Learn More
How to Generate Income Online during COVID19

Has COVID-19 pushed you to explore new ways to generate revenue with your business? You’re not alone. Many businesses worldwide are pivoting their business structure to generate revenue online. Luckily, there are ways to generate income online during the COVID-19 pandemic.

Learn More