Small Business Administration Coronavirus Relief Programs
In addition to traditional Small Business Administration (SBA) programs the CARES Act has established funding for relief programs to address the economic disruption to small businesses and nonprofit organizations caused by the COVID-19 outbreak.
Relief funding options include:
- Paycheck Protection Program: A forgivable loan program for small businesses with less than 500 employees, private nonprofit organizations, and 501(c)(19) veterans organizations affected by COVID-19. SBA will forgive loans if all employees are kept on the payroll for 8 weeks and the money is used for payroll, rent, mortgage interest, or utilities.
- Economic Injury Disaster Loan Emergency Advance: A loan advance of up to $10,000 that will not need to be repaid. This advance will provide economic relief to small businesses, private nonprofit organizations, and 501(c)(19) veterans organizations that are currently experiencing a temporary loss of revenue.
- SBA Express Bridge Loans: Quick access loans of up to $25,000 for small businesses that currently have a business relationship with an SBA Express Lender. The loans can bridge the gap to help overcome a temporary loss of revenue while waiting for decision and disbursement on an Economic Injury Disaster Loan.
SBA Debt Relief: Debt relief options for
small businesses with SBA loans, including:
- Paying the principal, interest, and fees of current 7(a), 504, and microloans for a period of 6 months
- Paying the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020
- Automatic deferments through December 31, 2020 for disaster loans that were in "regular servicing" status on March 1, 2020
Eligible applicants include small businesses with less than 500 employees, private nonprofit organizations, and 501(c)(19) veterans organizations affected by COVID-19.
Loan amounts, requirements, and terms vary by program.
Choose the appropriate relief program from the SBA website, and follow the instructions to apply.
Apply as early as possible, as there will be caps set on each program.
For complete information about funding programs, including your application status, please contact funders directly. Summaries are provided for your convenience only. RHIhub does not take part in application processes or monitor application status.