Helping Your Business through COVID-19

Helping Your Business through COVID-19

We know this is a difficult time for people everywhere, including our business partners as you financially navigate economic challenges. We want to help. We’ve gathered some useful resources, information and tips to help your business navigate these challenging times. 

Relief & Funding Options

Paycheck Protection Program

The Paycheck Protection Program is a loan program that temporarily expands the standard SBA7(a) loan program in order to provide relief for continuing to keep your employees on your payroll. The SBA resumed taking applications for this program on April 27th, 2020 at 10:30 EDT and is currently accepting applications from participating lenders.

SBA Express Loans

SBA Express Loans, under the Express Bridge Loan Pilot Program, allow small businesses with an established relationship to an SBA Express Lender to have accelerated access to $25,000. This is especially helpful for businesses awaiting approval on EIDL loans or who may not be able to apply for one. This went into effect March 25th, 2020. 

EIDL Loan Advance

The Economic Injury Disaster Loan (EIDL) Emergency Advance is a loan advance of up to $10,000 for small businesses to provide economic relief in the current economic climate. Unfortunately, the SBA is currently not accepting new applications, but applications already submitted will processed on a first-come first-serve basis.

SBA Debt Relief

The SBA is also providing general economic relief to small businesses at this time. The SBA will pay 6 months worth of principal, interest, and associated fees any borrowers owe for all 7(a), 504, and Microloans in regular servicing as well as any disbursed prior to September 27th, 2020. This relief does not apply to PPP or EIDL loans. No application needed, this will be applied automatically if your business qualifies.

NEED MORE INFORMATION?

Have a question or simply want to get more advice on navigating COVID-19 challenges?

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