SBA Loans and CARE Act

SBDC daily webinar for small businesses related to loan information

Starting Tuesday, 3/31, the SBDC will be having a daily 3pm webinar to help small businesses with all the changing legislation and loan information related to COVID-19.  The webinars will be 30-40 minutes in length with time for Q&A at the end.  They will be recorded and everyone will be sent the recording after the webinar.

Daily 3pm Zoom Webinar Registration:

They are also taking calls at 1-800-616-7232 on all issues related to COVID-19 loans including Economic Injury Disaster Loan (EIDL) and the upcoming Payroll Protection loans (PPP) from the CARES act.  Our updated Resource Guide is also available in the link below.

COVID-19 Resource Guide for Small Business:

Financial Resources for Small Businesses (Updated April 1, 2020)

The CARES Act has approved $350 billion in emergency loans for small businesses to help them keep workers employed. In fact, if small businesses maintain or later restore their payrolls, they may not have to repay some—or possibly any—of the loan. We encourage you and your members to utilize the U.S. Chamber’s Coronavirus Emergency Loans Small Business Guide and Checklist to help answer common questions and navigate the process.

Economic Injury Disaster Loans and Loan Advance

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. 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.

The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

Economic Injury Disaster Loans are also available to residents in declared disaster areas. To view the full list of disaster declarations, click here.

Legislative Analysis 

To better understand the Coronavirus Aid, Relief, and Economic Security (CARES) Act and how it impacts you and your members, we encourage you to review our summary of the final bill which breaks down the final stimulus package and provides analysis for the business community. Links to the final bill text are included in the summary.