As a result of the new legislation, the U.S. Small Business Administration (SBA) has four options for funding relief in the wake of COVID-19. WIPP (Women Impacting Public Policy) has provided a helpful breakdown of information and links pertaining to these funding sources from the SBA.
Paycheck Protection Program
For businesses 500 employees or less, including 501c(3) nonprofits, the self-employed, startups, and cooperatives. This loan has a forgiveness component and requires keeping employees on the payroll.
Debt relief for current and new SBA 7(a) and 504 borrowers. SBA will pay the principal and interest for the next six months on SBA-backed loans.
Economic Injury Disaster Loans and Loan Advances (EIDL)
Up to $10,000 economic injury disaster loan within three days of applicants self-certifying they are eligible.
Express Bridge Loan
This pilot program allows SBA Express Lenders authority to deliver expedited SBA-guaranteed financing up to $25,000 on an emergency basis for disaster-related purposes to eligible small businesses.
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