The US government has authorized emergency economic relief assistance for businesses that qualify for the Paycheck Protection Program.
During this time our nation’s small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, President Trump signed into law the CARES Act, which contains $376 billion in relief for small businesses and American workers.
In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak.
- SBA Express Bridge Loans – Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
- SBA Debt Relief – The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
- EIDL Loan Advance – This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
- Paycheck Protection Program – This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
For more information, please visit the U.S. Small Business Administration