Help with COVID-19 Federal Disaster Assistance Programs
SCORE Green Bay is here to help you with addressing your business loss.We know that there is not a complete picture of how the loan processes work, however we do have information that will get you pointed in the right direction and to people that can help quickly.
1. The agency that can provide the most complete information is sba.gov/coronavirus
2. The program of most interest is the Paycheck Protection Program (PPP). This is the loan program that is part of the Coronavirus Aid, Relief and Economic Security (CARES) Act.
a. This loan program is where small businesses can receive payment forgiveness for up to 60 days of payroll expense.
b. These loans are through SBA approved 7a lender institutions.
c. Contact your lending institution and ask for the loan department, then say you are interested in a loan to take advantage of the PPP. They will assist you or refer you to an approved 7a lender.
3. The program of the second highest level of interest is the Economic Injury Disaster Loans (EIDL).
a. The reason for the interest is they have a provision for a $10,000 advance that you will receive in 3 days of an accepted EIDL loan application.
b. The cash advance could be forgiven if spent on “maintaining payroll and other operating expenses,”
c. This advance can be forgivable even if you are approved for the loan and reject the reminder of the loan.
d. The SBA is the lender not an SBA lending institution.
e. Click here for the SBA loan application.
4. Keep in mind the PPP is part of the CARES act and the EIDL is a separate program and administered separately.
5. Click here for complete information on the CARES Act.
6. For more information on how the PPP works, click here to download the PDF.
Keep in mind the Green SCORE Chapter has mentors available to assist your small business today and with the process of getting back to post Coronavirus success.
Click here to contact us and request a mentor.