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CARES ACT Resources for Impacted Small Businesses – Federally Guaranteed Forgivable Loans – Paycheck Protection Program
Paycheck Protection Program
- Small businesses may be eligible for a Paycheck Protection Program loan under the new federal legislation designed to provide small businesses quick access to capital for payroll and other overhead costs.
- It will require no collateral or personal guarantees.
- Generally the loan amount will be based on 2.5 times your average monthly payroll costs.
- You may be eligible to have all or a portion of the loan principal forgiven based on SBA rules.
- You won’t have to make payments on the loan for at least six months.
- Applications for small business Paycheck Protection Program open April 3rd. To apply, you must follow your bank’s procedures. Whomever you do business banking with, apply through that bank.
Economic Injury Disaster Loans and Loan Advance
- 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.
- The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan 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, and this loan advance will not have to be repaid.
To apply for a COVID-19 Economic Injury Disaster Loan, click here.
CAUTION – YOU MOST LIKELY CANNOT APPLY FOR BOTH.