The Center provides confidential and complimentary one-to-one small business consulting services (via face to face, in person, telephonically, webinar, and/or email) to Veterans of all eras, Veterans Spouse, Active Duty Reservist, Guard and Military members in their initiative to start, sustain, or expand a business endeavor.
COVID-19
Senate Passes SBA Paycheck Protection Loan Program
March 26, 2020
On Wednesday, March 25, 2020, the Senate passed the Coronavirus Aid, Relief, and Economic Security (“CARES” or “CARES Act”) Act, a stimulus bill that includes a loan program to keep small businesses, including certain private equity portfolio companies, afloat during mandated COVID-19-related closures. This new loan program, known as the Paycheck Protection Program (PPP), is based on the architecture of the SBA’s existing 7(a) loan program and will make forgivable loans of up to $10 million available to qualifying small businesses. The House of Representatives is expected to vote on the CARES Act on Friday, March 27, 2020. Additional detail will be provided as the SBA drafts implementing regulations, which the CARES Act requires to occur within 15 days. In the meantime, please see below for a brief summary of the main provisions of the CARES Act applicable to PPP loans. For information regarding SBA Economic Injury Disaster Loans, please see our client bulletin here.
Who is eligible for PPP loans?
A business, including a qualifying nonprofit organization, is eligible for PPP loans if it (a) meets the applicable North American Industry Classification System (NAICS) Code-based size standard or other applicable 7(a) loan size standard, both alone and together with its affiliates; or (b) has an employee headcount that is lower than the greater of (i) 500 employees or (ii) the employee size standard, if any, under the applicable NAICS Code. Businesses that fall within NAICS Code 72, which applies to accommodations and food services, are also eligible if they employ no more than 500 people per physical location. Sole proprietorships, independent contractors, and self-employed individuals are also eligible. It is unclear as of what date the size test will be applied, but historically, SBA size tests have been applied on the date of application for financing. More information on the NAICS-Code-based size standards can be found here.
How do affiliates, such as private equity sponsors, affect eligibility for PPP loans
How are PPP loans made?
PPP loans will be made by lenders who are currently approved as 7(a) lenders or who are approved by the SBA and the Treasury Department to become PPP lenders. PPP lenders are delegated authority to make and approve PPP loans, with no additional SBA approval required. PPP lenders are only required to consider whether an applicant was in operation on February 15, 2020, and either had employees for whom it paid salaries and payroll taxes or paid independent contractors. Unlike other 7(a) loans, applicants are not required to show that credit is unavailable elsewhere or demonstrate repayment ability. PPP loans are backed by a 100% guaranty from SBA.
How much can be borrowed in PPP loans?
The CARES Act increases the maximum availability of 7(a) loans, including PPP loans, to $349 billion. The maximum PPP loan available to any business is $10 million or, if less, 2.5 times the average monthly payroll costs of the business over the year prior to the making of the loan (practically, this may become the year prior to the loan application), excluding the prorated portion of any annual compensation above $100,000 for any person. Note that under the CARES Act, “payroll costs” include vacation, parental, family, medical, and sick leave; allowances for dismissal or separation; payments for group health care benefits, including insurance premiums; and retirement benefits. Calculations vary slightly for seasonal businesses and businesses that were not in operation between February 15 and June 30, 2019.
How can PPP loan proceeds be used?
PPP loan proceeds are generally to be used for:
♦ Payroll costs, excluding the prorated portion of any compensation above $100,000 per year for any person
♦ Group healthcare benefit costs and insurance premiums
♦ Mortgage interest (but not prepayments or principal payments) and rent payments
♦ Interest on debt that existed as of February 15, 2020
What are the primary terms of PPP loans?
PPP loans bear interest at a maximum rate of 4% and mature no later than 10 years after determination of the amount, if any, to be forgiven, as described below. Payments under PPP loans and all other 7(a) loans will be deferred for 6–12 months, and the SBA is directed to issue guidance on the terms of this deferral. Unlike other 7(a) loans, PPP loans have no collateral or personal-guarantee requirements. There will be no recourse to owners of borrowers for nonpayment, except to the extent proceeds are used for an unauthorized purpose. For PPP loans, the SBA has waived prepayment penalties and has waived the guaranty fee and annual fee applicable to other 7(a) loans.
Can PPP loans be forgiven?
PPP loans can be forgiven to the extent that the loan proceeds have been used for the following costs incurred and payments made during the eight-week period after the loan is made:
♦ Payroll costs, excluding the prorated portion of any compensation above $100,000 per year for any person
♦ Group healthcare benefit costs and insurance premiums
♦ Mortgage interest (but not prepayments or principal payments) and rent payments on mortgages and leases in existence before February 15, 2020
♦ Certain utilities, including electricity, gas, water, transportation, and phone and Internet access for service that began before February 15, 2020
♦ Additional wages paid to tipped employees
However, the amount forgiven is reduced based on failure to maintain the average number of full-time equivalent employees versus the period from either February 15, 2019, through June 30, 2019, or January 1, 2020, through February 29, 2020, as selected by the borrower. The amount forgiven is also reduced to the extent that compensation for any individual making less than $100,000 per year is reduced by more than 25% measured against the most recent full quarter. Reductions in the number of employees or compensation occurring between February 15, 2020, and 30 days after enactment of the CARES Act will generally be ignored to the extent reversed by June 30, 2020. Forgiven amounts will not constitute cancellation of indebtedness income for federal tax purposes.
Does having a PPP loan subject a business to terms regarding stock buybacks, dividends, employee retention, or other employment terms?
No. The CARES Act imposes restrictions on relief provided by the Treasury Department, but these types of restrictions do not apply to PPP loans.
Can I get a PPP loan if I got an Economic Injury Disaster Loan?
Yes, to the extent that the disaster loan was used for a purpose other than those permitted for PPP Loans. Disaster loans may be refinanced with proceeds of PPP loans, in which case the maximum available PPP loan amount is increased by the amount of disaster loans being refinanced.
If I’m interested in a PPP loan, whom should I call?
We recommend contacting existing 7(a) lenders as soon as possible to learn what you will need to provide for underwriting and approving a PPP loan.
View all of our COVID-19 perspectives here. Contact a member of our COVID-19 Legal Task Force HERE.
SBA MICHIGAN
Small Business Programs Offered by SBA Resource Partners to Assist During COVID19
Keeping you up to date on the latest Coronavirus #SmallBiz news & resources.
Essential FAR Performance Clauses for Federal Construction Contractors
May 14, 2020
1:00—2:30 pm EST
YOU WILL LEARN
♦ Identify “constructive” or implied changes
♦ Understand and comply with notice requirements
♦ Distinguish between types of differing site conditions
♦ Understand the difference between design and performance specifications
♦ Differentiate between delay, disruption, and inefficiency, acceleration and suspension
How Do We Drive Down Overhead?
May 7, 2020
1:00—2:30 pm EST
Known as the Oprah of Government Contracting, Jenny will take you through “The Financial Side of GovCon” giving you the roadmap you need that will save you tons of time and money. Price is always a component of any federal contract because agencies are dealing with more restrictive budgets. When your company starts out, you’ll bid anything and everything to get the revenue in, and some of those contracts may even be money-losers. But getting the wins creates momentum and brings relationships with customers who want to keep their successful contractors on their projects
Presenter
Jenny Clark
Solvability
SCORE is a funded resource partner of the SBA. SCORE provides volunteer mentors to assist small business with free mentoring, training, and networking opportunities. To connect with SCORE go to www.score.org
LIVE WEBINARS
SCORE hosts free, LIVE webinars every week on small business tips and strategies. See our upcoming offerings. READ MORE
Next live SCORE webinar coming up:
3 Step Approach to Intentional Social Media Marketing
SCORE Live Webinar
April 2, 1:00 p.m.
REGISTER: HERE
RECORDED WEBINARS
Did you miss a SCORE live webinar? They are available to watch on-demand at your convenience.
READ MORE
BLOGS
Related to Managing a Business During COVID 19
11 Options if Your Small Business Can’t Pay Its Bills Due to Corona Virus
How Can Entrepreneurs Take Care of Their Mental Health During the Corona Virus
The Coronavirus Economic Impact: Will Business Interruption Insurance Help (& What are My Other Options)?
Crisis Communication Planning Checklist
Online Templates and Tools for Existing Businesses Go: HERE
VIRTUAL MENTORING
During the COVID19 crisis SCORE mentors are available via elecronic means.
MICHIGAN CHAPTERS
♦ Ann Arbor
♦ Detroit
♦ Grand Rapids
♦ Kalamazoo/Southeast Michigan
♦ Muskegon
♦ Traverse City
♦ Petoskey Tip of the Mitt
Small Business Development Centers
COVID 19 RELATED WEBINARS
RECORDED
♦ Navigating the Cash Flow Crunch – REGISTER HERE
♦ Human Resource Management During COVID19 – REGISTER HERE
♦ Managing Your Freelance Business During COVID19 – REGISTER HERE
ON DEMAND WEBINARS
Can’t make it to our weekly live webinars? Sign up for our on-demand webinar library and you will receive a link to access a set of webinars curated specifically for busy entrepreneurs looking to start or grow their business.
Register: HERE
Upcoming webinars and trainings on various business topics go to: Workshops
To reach out to the SBDC for counseling go to: Request Counseling
Great Lakes Women’s Business Council
UPCOMING WEBINARS
Minding Your Business – Managing in a Financial Crisis
April 1, 2020
12:00 – 1:00 PM
Guest Speaker
Benita Tyler
Founder of Woman CFO
SBA resource partners stand ready to assist during difficult times. Below is a list of virtual offerings and links to resources that can assist including workshops, counseling, mentors, templates, and other online tools.
Notice About Changes and Updates to the SBA Website
Keeping you up to date on the latest Coronavirus #SmallBiz news & resources.
SBA Economic Injury Disaster Loan (EIDL) Online App
The SBA is working diligently to meet customer demand for the SBA Economic Injury Disaster Loan (EIDL) program and make the process as user-friendly and easy as possible.
As we make changes, we will have update periods where things will be in flux.
While this is happening now, we still want to make sure you have a way to fill out and submit your application
If you are having issues accessing the website, try clearing your browsing data/cache.
As things are improved, we will update you accordingly with the new information.
Thank you for your patience
COVID-19:
Small Business Guidence & Loan Resources
Additional Resources to Support Small Businesses Impacted by Coronavirus (COVID-19)
The SBA also provides additional financing, exporting and advising resources to support small businesses impacted by COVID-19.
For example, new information is available about the SBA Express Bridge Loan Pilot Program along with other guidance and resources. Check SBA.gov/coronavirus regularly for more updates.
Get Updates from the SBA About COVID-19 Support
♦ Visit www.sba.gov/coronavirus for guidance and resources
♦ Check www.sba.gov/disaster for updates specific to SBA Economic Injury Disaster Loans
♦ Follow us on Twitter at @SBAgov or https://twitter.com/SBA_Michigan
♦ Subscribe to email updates UPDATES
♦ Contact your local SBA office
SBA
♦ SBA Office Locator ♦
♦ Disaster Loan Assistance ♦
1. Business Loan Application
(Form 5) PDF
(en Español)
2. Home or Sole Proprietor Loan Application
(SBA Form 5C)n
(en Español)
3. Economic Injury Disaster Loan Supporting Informationn
(Form P-019)
Guidance for Businesses and Employers
Additional Resources to Support Small Businesses Impacted by Coronavirus (COVID-19)
The SBA also provides additional financing, exporting and advising resources to support small businesses impacted by COVID-19.
For example, new information is available about the SBA Express Bridge Loan Pilot Program along with other guidance and resources. Check SBA.gov/coronavirus regularly for more updates.
Get Updates from the SBA About COVID-19 Support
♦ Visit www.sba.gov/coronavirus for guidance and resources
♦ Check www.sba.gov/disaster for updates specific to SBA Economic Injury Disaster Loans
♦ Follow us on Twitter at @SBAgov or https://twitter.com/SBA_Michigan
♦ Subscribe to email updates UPDATES
♦ Contact your local SBA office
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.
CONTENT
♦ Economic Injury Disaster Loan Program
♦ SBA Express Bridge Loans
♦ Guidance for Businesses and Employers
♦ SBA Products and Resources
♦ Government Contracting
♦ Local Assistance
Economic Injury Disaster Loan Program
Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). Click here to apply.
Find more information on the SBA’s Economic Injury Disaster Loans at: SBA.gov/Disaster.
The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). 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.
SBA Express Bridge Loans
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
TERMS
♦ Up to $25,000
♦ Fast Turnaround
♦ Will be repaid in full or in part by proceeds from the EIDL loan
Find an Express Bridge Loan Lender via SBA’s Lender Match Tool or by connecting with your local SBA District Office.
Notice About Changes and Updates to the SBA Website
Keeping you up to date on the latest Coronavirus #SmallBiz news & resources.
SBA Economic Injury Disaster Loan (EIDL) Online App
The SBA is working diligently to meet customer demand for the SBA Economic Injury Disaster Loan (EIDL) program and make the process as user-friendly and easy as possible.
As we make changes, we will have update periods where things will be in flux.
While this is happening now, we still want to make sure you have a way to fill out and submit your application
If you are having issues accessing the website, try clearing your browsing data/cache.
As things are improved, we will update you accordingly with the new information.
Thank you for your patience
COVID-19
Guidence for Small Businesses
Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.
CONTENT
♦ Economic Injury Disaster Loan Program
♦ SBA Express Bridge Loans
♦ Guidance for Businesses and Employers
♦ SBA Products and Resources
♦ Government Contracting
♦ Local Assistance
While this is happening now, we still want to make sure you have a way to fill out and submit your application
If you are having issues accessing the website, try clearing your browsing data/cache.
As things are improved, we will update you accordingly with the new information.
Thank you for your patience
SBA
♦ SBA Office Locator ♦
♦ Disaster Loan Assistance ♦
1. Business Loan Application
(Form 5) PDF
(en Español)
2. Home or Sole Proprietor Loan Application
(SBA Form 5C)n
(en Español)
3. Economic Injury Disaster Loan Supporting Informationn
(Form P-019)
Notice About Changes and Updates to the SBA Website
Keeping you up to date on the latest Coronavirus #SmallBiz news & resources.
SBA Economic Injury Disaster Loan (EIDL) Online App
The SBA is working diligently to meet customer demand for the SBA Economic Injury Disaster Loan (EIDL) program and make the process as user-friendly and easy as possible.
As we make changes, we will have update periods where things will be in flux.
While this is happening now, we still want to make sure you have a way to fill out and submit your application
If you are having issues accessing the website, try clearing your browsing data/cache.
As things are improved, we will update you accordingly with the new information.
Thank you for your patience
COVID-19:
Small Business Guidence & Loan Resources
Additional Resources to Support Small Businesses Impacted by Coronavirus (COVID-19)
The SBA also provides additional financing, exporting and advising resources to support small businesses impacted by COVID-19.
For example, new information is available about the SBA Express Bridge Loan Pilot Program along with other guidance and resources. Check SBA.gov/coronavirus regularly for more updates.
Get Updates from the SBA About COVID-19 Support
♦ Visit www.sba.gov/coronavirus for guidance and resources
♦ Check www.sba.gov/disaster for updates specific to SBA Economic Injury Disaster Loans
♦ Follow us on Twitter at @SBAgov or https://twitter.com/SBA_Michigan
♦ Subscribe to email updates UPDATES
♦ Contact your local SBA office
Guidance for Businesses and Employers
Additional Resources to Support Small Businesses Impacted by Coronavirus (COVID-19)
The SBA also provides additional financing, exporting and advising resources to support small businesses impacted by COVID-19.
For example, new information is available about the SBA Express Bridge Loan Pilot Program along with other guidance and resources. Check SBA.gov/coronavirus regularly for more updates.
Get Updates from the SBA About COVID-19 Support
♦ Visit www.sba.gov/coronavirus for guidance and resources
♦ Check www.sba.gov/disaster for updates specific to SBA Economic Injury Disaster Loans
♦ Follow us on Twitter at @SBAgov or https://twitter.com/SBA_Michigan
♦ Subscribe to email updates UPDATES
♦ Contact your local SBA office
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.
CONTENT
♦ Economic Injury Disaster Loan Program
♦ SBA Express Bridge Loans
♦ Guidance for Businesses and Employers
♦ SBA Products and Resources
♦ Government Contracting
♦ Local Assistance
Economic Injury Disaster Loan Program
Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). Click here to apply.
Find more information on the SBA’s Economic Injury Disaster Loans at: SBA.gov/Disaster.
The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). 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.
SBA Express Bridge Loans
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
TERMS
♦ Up to $25,000
♦ Fast Turnaround
♦ Will be repaid in full or in part by proceeds from the EIDL loan
Find an Express Bridge Loan Lender via SBA’s Lender Match Tool or by connecting with your local SBA District Office.
SBA #COVID-19
UPDATE
Keeping you up to date on the latest Coronavirus #SmallBiz news & resources.
SBA Economic Injury Disaster Loan (EIDL) Online App
The SBA is working diligently to meet customer demand for the SBA Economic Injury Disaster Loan (EIDL) program and make the process as user-friendly and easy as possible.
As we make changes, we will have update periods where things will be in flux.
While this is happening now, we still want to make sure you have a way to fill out and submit your application
If you are having issues accessing the website, try clearing your browsing data/cache. As things are improved, we will update you accordingly with the new information. Thank you for your patience.
SBA Express Disaster Bridge Loans are now available
The SBA Express Bridge Loan (EBL) program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.</
TERMS
♦ Up to $25,000
♦ Fast Turnaround
♦ Will be repaid in full or in part by proceeds from the EIDL loan
For more information, contact your current lending institution.
SBA Resources
♦ For no-cost, one-on-one virtual or telephone business advice regarding COVID-19 and other matters find an SBA Resource Partners near you at www.SBA.gov/local-assistance
♦ For detailed information on SBA programs for the Coronavirus, visit www.sba.gov/coronavirus
♦ For information on all federal programs, visit www.usa.gov/coronavirus or www.gobierno.usa.gov/espanol (en Español)
Other Resources
Online and by Phone
♦ IN.gov has excellent state-specific guidance and resources listed under several agencies including Indiana’s Department of Health, Department of Workforce Development, and Department of Homeland Security.
♦ The U.S. Department of Labor has resources to help workers and employers prepare for the COVID-19 virus, including use of Family Medical Leave
♦ The Indy Chamber has created an online Rapid Response Hub featuring a great FAQ section with up to date info on resources for employers and employees from private and non-profit organizations.
What’s next?
♦ If this update was forwarded to you, sign up our emails: sba.gov/updates.
♦ Follow us on Twitter @SBA_Indiana
♦ SBA Office Locator ♦
♦ Disaster Loan Assistance ♦
1. Business Loan Application
(Form 5) PDF
(en Español)
2. Home or Sole Proprietor Loan Application
(SBA Form 5C)n
(en Español)
3. Economic Injury Disaster Loan Supporting Informationn
(Form P-019)
SBA
Notice About Changes and Updates to the SBA Website
Keeping you up to date on the latest Coronavirus #SmallBiz news & resources.
SBA Economic Injury Disaster Loan (EIDL) Online App
The SBA is working diligently to meet customer demand for the SBA Economic Injury Disaster Loan (EIDL) program and make the process as user-friendly and easy as possible.
As we make changes, we will have update periods where things will be in flux.
While this is happening now, we still want to make sure you have a way to fill out and submit your application
If you are having issues accessing the website, try clearing your browsing data/cache.
As things are improved, we will update you accordingly with the new information.
Thank you for your patience
COVID-19:
Small Business Guidence & Loan Resources
Additional Resources to Support Small Businesses Impacted by Coronavirus (COVID-19)
The SBA also provides additional financing, exporting and advising resources to support small businesses impacted by COVID-19.
For example, new information is available about the SBA Express Bridge Loan Pilot Program along with other guidance and resources. Check SBA.gov/coronavirus regularly for more updates.
Get Updates from the SBA About COVID-19 Support
♦ Visit www.sba.gov/coronavirus for guidance and resources
♦ Check www.sba.gov/disaster for updates specific to SBA Economic Injury Disaster Loans
♦ Follow us on Twitter at @SBAgov or https://twitter.com/SBA_Michigan
♦ Subscribe to email updates UPDATES
♦ Contact your local SBA office
Guidance for Businesses and Employers
Additional Resources to Support Small Businesses Impacted by Coronavirus (COVID-19)
The SBA also provides additional financing, exporting and advising resources to support small businesses impacted by COVID-19.
For example, new information is available about the SBA Express Bridge Loan Pilot Program along with other guidance and resources. Check SBA.gov/coronavirus regularly for more updates.
Get Updates from the SBA About COVID-19 Support
♦ Visit www.sba.gov/coronavirus for guidance and resources
♦ Check www.sba.gov/disaster for updates specific to SBA Economic Injury Disaster Loans
♦ Follow us on Twitter at @SBAgov or https://twitter.com/SBA_Michigan
♦ Subscribe to email updates UPDATES
♦ Contact your local SBA office
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.
CONTENT
♦ Economic Injury Disaster Loan Program
♦ SBA Express Bridge Loans
♦ Guidance for Businesses and Employers
♦ SBA Products and Resources
♦ Government Contracting
♦ Local Assistance
Economic Injury Disaster Loan Program
Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). Click here to apply.
Find more information on the SBA’s Economic Injury Disaster Loans at: SBA.gov/Disaster.
The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). 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.
SBA Express Bridge Loans
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
TERMS
♦ Up to $25,000
♦ Fast Turnaround
♦ Will be repaid in full or in part by proceeds from the EIDL loan
Find an Express Bridge Loan Lender via SBA’s Lender Match Tool or by connecting with your local SBA District Office.