As part of the CARES Act, the Small Business Administration is providing financial assistance through two main programs listed below. SBA also announced automatic deferrals for existing SBA disaster loans through December 2020.
PPP Vs. EIDL Loans
(video created by AHLA Allied Member: Live Oak Bank)
ECONOMIC INJURY DISASTER LOANS
IMPORTANT UPDATE: On July 11, the SBA announced that it has ended its Economic Injury Disaster Loan (EIDL) Advance program after exhausting $20 billion in funding.
Increased funding for the disaster loan program was included in the CARES Act and is now available.
PAYCHECK PROTECTION PROGRAM (PPP)
IMPORTANT UPDATE: The Small Business Administration (SBA) and Department of Treasury released detailed loan-level data related to the 4.9 million loans provided under the PPP which was passed by Congress in the CARES Act in March of this year. The data is available here.
The Paycheck Protection Program (PPP) within the CARES Act authorizes funding for businesses for job retention and certain other expenses. Eligible small businesses can. Learn more (video).
OTHER SBA LOAN RESOURCES
- COVID-19 Member FAQs
- COVID-19 Legislative/Regulatory Updates
- Summary of the SBA Provisions in the CARES Act
- Small Business Loan Guide
- SBA Disaster Loan Assistance > The Three-Step Process.pdf
- Coronavirus (COVID-19): Small Business Guidance & Loan Resources
- How to Apply for An SBA Loan
- Small Business Administration Relief Updates by State
- Paycheck Protection Program FAQs for Small Businesses
- Paycheck Protection Program vs. EIDL Flow Chart
- SBA/AHLA Webinar (3/26/20): Watch Online
- Upcoming SBA Webinars: Schedule