The SBA is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
Loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
Provides economic relief to businesses that are currently experiencing a temporary loss of revenue.
Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.
All small business owners operating in all U.S. states and territories are eligible for a loan.
To Apply visit https://covid19relief.sba.gov/#/
SBA Paycheck Protection Program
A loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
For any small business with less than 500 employees (including sole proprietorship's, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected COVID-19.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. Application opens April 3rd
For more information visit https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp