SMALL BUSINESS ASSISTANCE RESOURCES (COVID-19)
Economic Injury Disaster Loan Assistance (EIDL):
Small business owners in all U.S. states, Washington D.C., and territories are currently eligible to apply for a long-term, low-interest loan due to 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.
The Coronavirus Aid, Relief, and Economic Security Act (CARES):
CARES allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the Initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. The administration soon will release more details including the list of lenders offering loans under the program.
In the meantime, please refer to the U.S. Chamber of Commerce’s website and Small Business Guide and Checklist to help small businesses and self-employed individuals prepare to file for a loan.