SBA Loan Assistance

Paycheck Protection Program

The Paycheck Protection Program (PPP) is a Small Business Administration (SBA) loan available to small businesses with fewer than 500 employees (including sole proprietors, independent contractors and self-employed persons). Businesses in the hospitality and food industry with more than one location may also be eligible at the store and location level if the store employs fewer than 500 workers.

Loan Details and Forgiveness :

    • This loan has a maturity of 2 years and an interest rate of 1%.
    • The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
    • Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federal insured credit union, or any Farm Credit System institution that is participating. You are encouraged to consult with your local lender as to whether it is participating in the program. 

Lenders may begin processing loan applications as early as April 3, 2020. The PPP will be available through June 30, 2020.

You can find additional information about the PPP on the SBA website at:

A PDF of the application form and instructions can be downloaded from the SBA website at:–paycheck-protection-program-borrower-application-form

You can search for a lender on the SBA website at:

Economic Injury Disaster Loans and Loan Advance

The Economic Injury Disaster Loan (EIDL) is available to small businesses and private, non-profit organizations. Small business owners in all U.S. states, Washington D.C., and territories are eligible to apply.

Loan Details:

    • Loans are available in an amount of up to $2 million, and may be used to pay fixed debts, payroll, accounts payable and other bills.
    • The interest rate is 3.75% for small businesses and 2.75% for non-profits; businesses with credit available elsewhere are not eligible.
    • Long-term repayment plans (up to a maximum of 30 years) are being offered. The term of the loan is determined on a case-by-case basis, and will be set based on each borrower’s ability to repay.

EIDL Advance

Small business owners (including individuals who operate as sole proprietorships, with or without employees and independent contractors) who are currently experiencing a temporary loss of revenue can apply for an EIDL advance in an amount of up to $10,000. This loan advance will not have to be repaid and funds will be made available within three days of a successful application.

You can complete the application for the EIDL and EIDL advance on the SBA Website at:

SBA Express Bridge Loans

The 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 to help overcome a temporary loss of revenue. Small businesses waiting for a decision and disbursement on an Economic Injury Disaster Loan (EIDL) that have an urgent need for cash may qualify for an SBA Express Disaster Bridge Loan.

There is a fast turnaround time and the loan will be repaid in full or in part by proceeds from the EIDL loan.

You can find an Express Bridge Loan lender by contacting your local SBA District Office. Search for your local office at