Small Business Administration (SBA) Loan Programs

For Businesses Affected by Covid-19

While we are still in the process of gathering details about the various programs being offered by the SBA to assist America’s small businesses with the COVID-19 pandemic, this is what we do know: 

The Paycheck Protection Program (PPP)

The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program.

• The new loan program will be available retroactive from Feb. 15, 2020, so employers can
  rehire their recently laid-off employees through June 30, 2020.

• Eligible businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
• Maximum loan amount up to $10 million
• Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 24 weeks following the date of loan origination, not more than 40% of the forgiven amount may be for non-payroll costs
• All loans under this program will have the following identical features: 
  • Interest rate of 1.00%
  • Maturity of 5 years
  • First payment deferred for six months
  • 100% guarantee by SBA
  • No collateral
  • No personal guarantees
  • No borrower or lender fees payable to SBA
    

• Declared all states and territories eligible for Economic Injury Disaster Loan assistance
• 1-year deferment on Economic Injury Disaster Loans provided due to COVID-19
• Automatic deferment of previous disaster loans for homeowners and businesses through
  2020
• Waiver of garnishments through 2020

 What can you do now?

• Start gathering information. We will need your most recent IRS Form 941 (Employer’s Quarterly Federal Income Tax Return), a breakdown of you payroll expense from January 2019 through February 2020, and a complete set of your 2019 financials.
  

Forgiveness

Visit our SBA PPP forgiveness page for more information.

 

For more information about other programs available, visit the SBA:

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

 

General SBA Information

Start or expand your business with loans guaranteed by the Small Business Administration (SBA). SBA loans offer a wide variety of financing options. 

To find out if an SBA loan would be right for your business, contact one of our lenders today at 800-564-3195.