Last Friday, the President signed the historic economic recovery bill to inject capital to help small businesses affected by the Coronavirus (COVID-19).
Two SBA emergency capital programs are available today and more will be coming soon:
- Low interest, long term Economic Injury Disaster Loans for up to $2 million: The first payment is deferred for 12 months. The application has been simplified and can be completed 100% online through our improved web portal at www.sba.gov/disaster.
- Economic Injury Disaster Loan Advance for up to $10,000 based on number of employees: The form to apply is part of the economic injury disaster loan application. If approved, these funds can be used for payroll and other operating expenses and will be forgiven.
Later this week, the U.S. Small Business Administration and the U.S. Treasury Department will launch the new Paycheck Protection Program to help keep employees on payroll and small businesses operating. They are working as quickly as possible to put the mechanisms, policies and procedures in place to implement the newly passed CARES ACT legislation. We will be providing more information to everyone as soon as it is available through email.
We are hosting regular webinars on SBA’s Economic Injury Disaster Loan and the Economic Injury Disaster Loan Advance program, daily. Below is the information.
- Wednesday, April 1, 2020 at 2 p.m.
- Thursday, April 2, 2020 at 10 a.m. and 2 p.m.
- Friday, April 3, 2020 at 10 a.m. and 2 p.m.
Training log on information:
- Registration is not required however sessions are limited to the first 100 participants.
- If the session is full please join a session at another time.
- If you have trouble accessing the trainings or website, copy the links and paste them into your browser.
- You may also contact SBA's Disaster Assistance Center at 800-659-2955 or via email at [email protected], if you have a question regarding your EIDL application.