• Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
• SBA is processing EIDL applications as quickly as possible. SBA will provide those whose applications are approved with loans that will cover the businesses short-term working capital needs.
• The SBA has processed more than 14 years’ worth of loans in less than 14 days. The Paycheck Protection Program is saving millions of jobs and helping America’s small businesses make it through this challenging time. The EIDL program is also providing much-needed relief to sustain businesses and their employees.
• By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations.
• SBA and Treasury urge Congress to appropriate additional funds for the Paycheck Protection Program—a critical and overwhelmingly bipartisan program—at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks.
Application Links & Tips
Not sure which program is for you? The following questions might help point you in the right direction.
Do you need:
• Capital to cover the cost of retaining employees? Then the Paycheck Protection Program might be right for you.
• A quick infusion of a smaller amount of cash to cover you right now? You might want to look into an Emergency Economic Injury Grant.
• A quick loan (if you have an existing relationship with an SBA lender) is the SBA Express Bridge Loan.
• To ease your fears about keeping up with payments on your current or potential SBA loan? The Small Business Debt Relief Program could help.
Quick PPP and EIDL comparison
Presentation plus Q&A on the CARES Act, recorded 4/9/2020.
Note: EIDL loan terms have changed (reduction to $15,000 initial amount received) since recording.
Paycheck Protection Program (PPP)
Applications accepted through June 30, 2020
Payroll items included in PPP:
Compensation to US based employees, including salary, wages, commissions, or similar compensation; cash tips, vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payment for group health care coverage, including insurance premiums and retirement; payment of state and local payroll taxes…
Federal employment taxes imposed or withheld between 2/15/2020 and 6/30/2020, including all FICA taxes.
Please contact your bank first to ask if they are accepting loan applications. A pre-existing relationship may help with approval. If not, not to worry. There are currently regional and national banks accepting applications from non-clients—call ahead to confirm.
Carefully review each link on this page before submitting your application. We suggest printing out forms and reviewing prior to electronic application. Be prepared with COMPLETE and ACCURATE documentation to facilitate successful award. The form as of 4.5.2020 is here.
Economic Injury Disaster Loan (EIDL) & Forgiveness/Advance
Applications accepted through December 31, 2020.
Carefully review each link and form on this page before submitting your application. We suggest printing out forms and reviewing prior to electronic application. Be prepared with COMPLETE and ACCURATE documentation to facilitate successful award.
For the Advance
• Keep in mind, if granted, the Advance (grant) comes before your EIDL loan documents. If you choose not to accept the terms of the EIDL loan you may keep the Advance if it is granted.
• Use internet Explorer or Microsoft Edge to complete forms. Folks have had trouble with other browsers.
For the EIDL Loan
Currently, EIDL loan applications begin through the streamlined application (same as above).
Available to small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations.
• Businesses directly affected by the disaster
• Businesses that offer services directly related to the businesses in the declaration
• Other businesses indirectly related the industry that are likely to be harmed by losses in their community (Ex: Manufacturer may be eligible as well as wholesaler and retailer of the product.
Faith-based organizations applying read this.
Credit History-Applicants must have a credit history acceptable to SBA.
Repayment –SBA must determine that the applicant business has the ability to repay the SBA loan.
Disaster Eligible- Applicant business must be physically located in a declared county and suffered working capital losses due to declared disaster, not due to a downturn in the economy or other reasons.
• Print out all application forms, Printable PDF here.
• If you are uploading forms put a blank page between documents.
• Do not upload more than 7MB in one documents (separate).
• Save everything!
• Non-peak hours to upload are 7pm-7am.
• If at first the system is not recognizing your county or state, Make sure you entered your type of business AND clicked on EIDL only under the “Are you applying for:” section.. Otherwise, please wait a while and try again. Disaster is moving as fast as it can, but each state and individual county needs to be entered. Like everything else with Covid-19, this level of activity was never anticipated.
• If you are having trouble entering numbers, type them into a Word document, copy and paste.
SBA Small Business Debt Relief Program
Available through September 27, 2020
The SBA will automatically pay the principal, interest, and fees of current and new 7(a), 504, and microloans for a period of six months that were issued prior to September 27, 2020.
LINK: For more information look here.
SBA Express Bridge Loan Program
Enables small businesses who currently have a banking relationship with an SBA lender the ability to access $25,000 quickly. Download this PDF to review the terms on this loan.
- Structured as a term loan (up to 7 years) not a line of credit.
- SBA lender must have had a banking relationship with the applicant as of 3/13/2020.
- Turn-around time for receipt is within 45 days, not to exceed 90 days.
- Working capital used to support the survival or re-opening of the business.
- Upfront guaranty fees: Not more than 2% of the guaranteed portion of the loan (maximum of $500); Annual service fee: no more than 0.55% of the outstanding balance of the guaranteed portion of the loan; Application fee: the greater of 2% of loan amount or $250; Late payment fee: not to exceed 5% of scheduled payment.