On Thursday, March 26, 2020, the National LGBT Chamber of Commerce convened over 800 NGLCC affiliate chamber leaders, NGLCC Corporate Partners, and LGBT business owners to join Administrator Jovita Carranza of the U.S. Small Business Administration (SBA) and her team on how to connect LGBT-owned small businesses with emergency capital and resources during COVID-19. I invite you to listen to the meeting by clicking the graphic above.

For general follow-up questions, please contact NGLCC at  [email protected] . For all SBA relief questions, please contact SBA using the phone/email below.

[  Note:  All SBA relief loans/grants are contingent upon requirements being met that are unique to each business/industry. NGLCC believes in the strength of our LGBT Business Community and the opportunities provided by SBA during these times. NGLCC is providing the resources below for your benefit. To avoid confusion, please address inquiries to the experts at SBA using the links below.]

Of particular importance to the NGLCC network on Thursday's call, regarding the latest “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act” :

YES: 501(c)6 business organizations  (ie: NGLCC affiliate chambers) are included in relief

YES: Sole-proprietors, independent contractors, and micro-businesses are included in relief

YES: SBA loans/grants have been expanded to help American small business owners:

Emergency grants : The bill provides $10 billion for grants of up to $10,000 to provide emergency funds for small businesses to cover immediate operating costs.

Forgivable loans: There is $350 billion allocated for the Small Business Administration to provide loans of up to $10 million per business. A portion of that loan used to maintain payroll, keep workers on the books or pay for rent, mortgage and existing debt could be forgiven, provided workers stay employed through the end of June.

Relief for existing loans: There is $17 billion to cover six months of payments for small businesses already using SBA loans.

*A list of SBA approved relief lenders will be shared in the days ahead.

See the most current SBA links and resources below:

• Up to $25,000
• Fast turnaround
• Will be repaid in full or in part by proceeds from the EIDL loan

• Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19)
• Preventing Stigma Related to COVID-19
• Share Facts about COVID-19
• CDC Coronavirus Disease 2019 (COVID-19) Web page
• Information on Coronavirus Disease 2019 (COVID-19) Prevention, Symptoms and FAQ

• 7(a) program offers loan amounts up to $5,000,000 and is an all-inclusive loan program deployed by lending partners for eligible small businesses within the U.S. States and its territories. The uses of proceeds include: working capital; expansion/renovation; new construction; purchase of land or buildings; purchase of equipment, fixtures; lease-hold improvements; refinancing debt for compelling reasons; seasonal line of credit; inventory; or starting a business.
• Express loan program provides loans up to $350,000 for no more than 7 years with an option to revolve. There is a turnaround time of 36 hours for approval or denial of a completed application. The uses of proceeds are the same as the standard 7(a) loan.
• Community Advantage loan pilot program allows mission-based lenders to assist small businesses in underserved markets with a maximum loan size of $250,000. The uses of proceeds are the same as the standard 7(a) loan.
• 504 loan program is designed to foster economic development and job creation and/or retention. The eligible use of proceeds is limited to the acquisition or eligible refinance of fixed assets.
• Microloan program involves making loans through nonprofit lending organizations to underserved markets. Authorized use of loan proceeds includes working capital, supplies, machinery & equipment, and fixtures (does not include real estate). The maximum loan amount is $50,000 with the average loan size of $14,000.

• Export Express loan program allows access to capital quickly for businesses that need financing up to $500,000. Businesses can apply for a line of credit or term note prior to finalizing an export sale or while pursuing opportunities overseas, such as identifying a new overseas customer should an export sale be lost due to COVID-19.
• Export Working Capital program enables small businesses to fulfill export orders and finance international sales by providing revolving lines of credit or transaction-based financing of up to $5 million. Businesses could use a loan to obtain or retain overseas customers by offering attractive payment terms.
• International Trade loan program helps small businesses engaged in international trade to retool or expand to better compete and react to changing business conditions. It can also help exporting firms to expand their sales to new markets or to re-shore operations back to the U.S.

• 8(a) Business Development program serves to help provide a level playing field for small businesses owned by socially and economically disadvantaged people or entities, and the government limits competition for certain contracts to businesses that participate. The 8(a) program offer and acceptance process is available nationwide, and the SBA continues to work with federal agencies to ensure maximum practicable opportunity to small businesses. 8(a) program participants should stay in touch with their Business Opportunity Specialist (BOS).
• HUBZone program offers eligibility assistance every Thursday from 2:00-3:00 p.m. ET at 1-202-765-1264; access code 63068189#. Members of the HUBZone team answer questions to help firms navigate the certification process. For specific questions regarding an application, please contact the HUBZone Help Desk at [email protected].
• Women-owned Small Business firms who have questions, please visit www.sba.gov/wosbready or write to [email protected].