Paycheck Protection Program (PPP)
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HOW TO APPLY FOR THE PPP: Applications can be submitted with your bank or other SBA lender – See “Borrowers” bullet point below. (Note that many banks still do not yet have the application process fully developed.) |
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
- Borrowers:
- Borrower Application Form (Updated 4/2/20)
- More information can be found here
- Find an eligible lender
- For reference, here are some banks’ PPP info: Umpqua, Wells Fargo, Bank of America, Citi Bank, Tri Counties, U.S. Bank
- Lenders:
- Additional info:
Paycheck Protection Program Resources
Small Business Administration
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HOW TO APPLY FOR SBA DISASTER ASSISTANCE: Click here to apply. The $10,000 advance, which is detailed below, can be selected when completing the application. |
The U.S. Small Business Administration is offering all states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Click here for coronavirus relief loan options.
Economic Injury Disaster Loan
- The SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
- These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
- The SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
- Click here to apply.
- For questions, please contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.
Economic Injury Disaster Advance Loan
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid. Apply for the Loan Advance here.
Other Coronavirus Assistance
Due to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are currently eligible to apply for a loan advance of up to $10,000.
The Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
Terms
- Up to $25,000
- Fast turnaround
- Will be repaid in full or in part by proceeds from the EIDL loan
The SBA provides a debt relief to small businesses as they overcome the challenges created by this health crisis.