Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19).
Click here to apply
.
The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan 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. Find more information on the SBA’s Economic Injury Disaster Loans at:
SBA.gov/Disaster
.
SBA Express Bridge Loans:
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 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 loan 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 a decision and disbursement on an 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
Additionally, the State of Connecticut’s Department of Economic and Community Development is administering the
Connecticut Recovery Bridge Loan Program
, which will make $25 million available to Connecticut businesses and nonprofits that have 100 or fewer employees.
The provisions and eligibility requirements include:
- Zero percent interest rate
- 12-month term with 6-month extension per request
- Personal guaranty and credit score required
- Approval contingent upon business being profitable prior to March 10, 2020 and no adverse personal credit reports 60 days past due for the last 6 months
- Ineligible companies include those involved in real estate, multi-level marketing, adult entertainment, cannabis, and firearms.
All eligibility and application information can be found on the state’s COVID-19 website at
ct.gov/coronavirus
.
Disclaimer:
The information you obtain in this email is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.