Both the US Chamber of Commerce and the Small Business Association have released information for small businesses affected by COVID-19.
Small Business Administration Disaster Loan Applications
The Small Business Administration (SBA) has announced that small businesses owners across the U.S. are now eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
This program is designed to provide businesses with working capital to help them overcome temporary losses to revenue due to COVID-19. Funds can be made available within 3 days and the loan advance does not have to be repaid.
The SBA’s Economic Injury Disaster Loan program can also provide working capital loans for up to $2 million.
More information and links to apply for loans and loan advances can be found here.
U.S. Chamber of Commerce Coronavirus Emergency Loans
The recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to support small businesses during this time. Designed to help keep workers employed, the Paycheck Protection Program provides 100% federally guaranteed loans.
Businesses who accept these loans and who maintain their payroll during the crisis or restore their payroll after this has passed will have their loans forgiven.
The U.S. Chamber of Commerce has provided this document with detailed information about eligibility, what information will need to be provided to qualify, how much can be borrowed, and more details on the forgiveness program.
