Chamber Members & Augusta Community:

We are working together with our fellow Chambers here in Butler County to bring you accurate, timely, and consistent information on the COVID-19 crisis. We are working tirelessly to keep up to date on all of the information being released.

The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security

(CARES) Act that was just passed by Congress are intended to assist business

owners with whatever needs they have right now. When implemented, there will

be many new resources available for small businesses, as well as certain nonprofits and other employers. The guide link below provides information about the major

programs and initiatives that will soon be available from the Small Business

Administration (SBA) to address these needs, as well as some additional tax

provisions that are outside the scope of SBA. 

PAYCHECK PROTECTION PROGRAM

ELIGIBLE:

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Under this program:

·      Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.

·      Loan payments will be deferred for six months.

·      If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.

ECONOMIC INJURY DISASTER LOAN AND LOANS ADVANCE

This program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

SBA Debt Relief

Under this program

·      The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.

·      The SBA will pay the principal and interest of current 7(a) loans for a period of six months

SBA Express Bridge Loans

This program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct  SBA Economic Injury Disaster loan . If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

Terms

·      Up to $25,000

·      Fast turnaround

·      Will be repaid in full or in part by proceeds from the EIDL loan

Find an Express Bridge Loan Lender by connecting with your  local SBA District Office .