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SBA Coronavirus Small Business Financial Assistance Programs

For more complete information on these programs (and other assistance options), visit SBA’s Coronavirus (COVID-19): Small Business Guidance & Loan Resources page.

The following programs in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, each administered by the U.S. Small Business Administration, are intended to assist business owners in overcoming the challenges brought by the COVID-19 pandemic.

Paycheck Protection Program

Notice: Paycheck Protection Program closed August 8, 2020

Current law dictates that the Paycheck Protection Program (PPP) close at the end of August 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders.

For those with existing PPP loans, read the section “Loan Details and Forgiveness” here:
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
(For additional information on this program, read SBA’s “Paycheck Protection Program Frequently Asked Questions”.)

IMPORTANT: For those with a PPP loan under $50,000:
SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less


Economic Injury Disaster Loan (EIDL)

On June 15, SBA will begin accepting new Economic Injury Disaster Loan (EIDL) applications from qualified small businesses and U.S. agricultural businesses.

Who should apply:

Who should NOT apply:

Begin the application process here:
https://covid19relief.sba.gov/#/

If you need assistance with your EIDL application, make an appointment with a New York SBDC advisor.

SBA Debt Relief

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief

The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis.

Under this program:


SBA Express Bridge Loans

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans

Click here to read SBA’s procedures applicable to the Express Bridge Loan Pilot Program

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

TERMS:

Find an Express Bridge Loan Lender by connecting with your local SBA District Office.