TBA has compiled the following listings of resources to help our clients navigate the provisions of the CARES Act and existing Small Business Administration (SBA) programs that could be useful to you in the COVID-19 crisis.
- SBA Paycheck Protection Program Fact Sheet
- Find a Lender Now. The Paycheck Protection Program is intended to guarantee businesses the loans they need to cover eight weeks of payroll, along with some utility and rent costs. If businesses keep employees on payroll or rehire them by June 30 after they’ve been laid off, these loans could be fully forgiven. Businesses are able to request 2.5 times their average monthly payroll costs for this loan.
- If a business already received a loan through the EIDL program discussed below, it can add the balance of the EIDL Loan to the PPP Loan, essentially refinancing the EIDL Loan to the better terms of the PPP Loan.
- Apply Here. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Importantly, the EIDL includes a $10,000 grant that businesses can apply for and which they do not need to pay back.
- Offers loan amounts up to $5,000,000 and is an all-inclusive loan program deployed by lending partners for eligible small businesses within the U.S. States and its territories. The uses of proceeds include: working capital; expansion/renovation; new construction; purchase of land or buildings; purchase of equipment, fixtures; lease-hold improvements; refinancing debt for compelling reasons; seasonal line of credit; inventory; or starting a business.
- List of the 100 most active SBA 7(a) lenders
- Provides loans up to $350,000 for no more than 7 years with an option to revolve. There is a turnaround time of 36 hours for approval or denial of a completed application. The uses of proceeds are the same as the standard 7(a) loan.