Small Business Administration (SBA) Loan Programs
For Businesses Affected by Covid-19
Please note we are not currently accepting applications. We will let you know when we are able to begin taking them.
- Eligible businesses: Businesses, some non-profits, self-employed workers and independent contractors are among those eligible.
- Existing PPP borrowers may apply for a second loan provide they have 300 or fewer employees AND can demonstrate they experienced a 25% reduction in gross receipts during a quarter in 2020 compared with the same quarter in 2019.
- It is anticipated that first time PPP borrowers will be subject to the program's original eligibility requirements.
- Maximum for second draw loans is $2 million. Loan amounts will be based on an applicant's payroll.
- Second time PPP borrowers will generally be able to borrow an amount equal to 2.5 times their average monthly payroll cost. One exception - applicants in the accommodation and food services industries, as designated by the SBA are eligible for loans that are equal to 3.5 times their average monthly payroll.
- Loan forgiveness: if proceeds are 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 - the definition of forgivable expenses has been expanded in this second round to include purchase of PPE and other Covid-19 related expenses.
- 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
- Waiver of garnishments through 2020
For more information about other programs available, visit the SBA:
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.
Benefits of SBA-Guaranteed Loans
- SBA-guaranteed loans generally have rates and fees that are comparable to non-guaranteed loans.
Counseling and Education
- Some loans come with continued support to help you start and run your business
- Lower down payments, flexible overhead requirements, and no collateral needed for some loans.