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In addition to traditional SBA funding program, the CARES Act has established several new temporary programs. The Small Business Administration (SBA) will provide 100% federally-backed loans to eligible small businesses and 501(c)(3) non-profits with less than 500 employees. These will be issued through banks and other lenders. These loans will NOT require SBA pre-approval.
- Economic Injury Disaster Loan (EIDL) This loan will provide economic relief to small businesses and non profits that are experiencing temporary loss of revenue.
- SBA Express Bridge Loans Enables small businesses who already have a business relationship with a SBA Express Lender to access up to $25,000 quickly.
- SBA Debt Relief The SBA is providing a financial reprieve to small business during the COVID pandemic.
For more information about loan programs you may be eligible for, visit the SBA's coronavirus web page.
Online application for the SBA- Disaster Loan Assistance program: https://covid19relief.sba.gov/#/