Small Business Loans & Payroll Protection Program
IMPORTANT INFORMATION & EXPLANATION
Applications open TODAY for the Paycheck Protection Program,
and are ongoing for the Small Business Funding options
As over 90% of our members qualify for one or more of these new funding programs, it is imperative to highlight details of each program as possible avenues of funding for your business as affected by the COVID-19 pandemic.
PAYCHECK PROTECTION PROGRAM (PPP)

When can I apply for a PPP loan?
Small businesses and sole proprietorships can apply for loans starting TODAY, Friday, April 3. Starting April 10, independent contractors and self-employed individuals can apply (according to the Treasury guidelines). Loans will be given on a first-come, first-served basis.
Can I go to any bank to apply to the Paycheck Protection Program?
This program has expanded to include any existing SBA 7(a) lender that offers SBA loans, including traditional banks, credit unions, and Farm Credit System institutions. 
What documents will I need when applying for a PPP loan?
Small businesses will need to  provide documentation  to verify the number of full-time equivalent employees on payroll as well as the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the loan period.  Check out this PPP Info Sheet provided by the U.S. Treasury Department.
What can I use a PPP loan for?
The PPP loan can used for payroll costs and benefits, including parental, family, medical and sick leave, health and retirement benefits, and state and local taxes.  Check out this link to the program details online.
How much can I borrow through a PPP loan?
Small businesses can borrow up to 2.5 times their average monthly payroll from the previous year through the Payroll Protection Program, which provides forgivable loans to small businesses intended to help pay their employees during the coronavirus crisis, but payroll is capped at $100,000 per employee, and the loans are capped at $10 million per business. The  SBA's guidelines state : payroll costs, including benefits; interest on mortgage obligations, incurred before February 15, 2020; rent, under lease agreements in force before Feb. 15th; and utilities, for which service began before Feb. 15th .
How much will I have to pay back?
According to the SBA, the Payroll Protection Program loan will be "fully forgiven" if the money is used as outlined. For employers who keep or quickly rehire their employees and maintain salary levels, the loan will be forgiven. However, "forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease." Decisions on the forgiveness of the Paycheck Protection Program loan will be made within 60 days of forgiveness submission. The SBA notes the loan has a maturity of 2 years and a fixed interest rate of 1% (changed from 0.5% on Thursday). Loan payments will be deferred for six months.
What if I've already laid off some of my staff? Can I still apply? In order to get full loan forgiveness, companies need to maintain pre-crisis levels of full time employees. Companies are able to lay off staff while they have the SBA loan, but forgiveness of the loan will be reduced (meaning they'll have to repay a certain amount) in the event they have reduced full-time staff or salaries. According to the SBA, small businesses have "until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020" for forgiveness of the loan.

*This information was paraphrased from the Small Business Administration (SBA) and US Treasury websites. Refer to each website directly for the most up-to-date program information.
ECONOMIC INJURY DISASTER LOAN ADVANCE (EIDL Advance)

This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties
The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic. 
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.


*This information was paraphrased from the Small Business Administration (SBA) and US Treasury websites. Refer to each website directly for the most up-to-date program information.
SBA EXPRESS BRIDGE LOAN

Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
If your urgently needs cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan for up to $25,000. These funds have faster processing turn-around, and will be repaid in part or fully from the proceeds of the EID Loan.


*This information was paraphrased from the Small Business Administration (SBA) and US Treasury websites. Refer to each website directly for the most up-to-date program information.
SBA DEBT RELIEF

The Small Business Administration is providing a financial reprieve to small businesses during the COVID-19 pandemic. Additional information is available:


*This information was paraphrased from the Small Business Administration (SBA) and US Treasury websites. Refer to each website directly for the most up-to-date program information.