Info

Small Business Disaster Resources

by dev / Apr 3, 2020
Chamber Dashboard, themes & plugins for WordPress

U.S. SBA Update

There are tweaks daily because the program is constantly evolving

Three main tools from SBA

  • SBA Debt Relief (traditional loan products, 7a, 504) – interest and principal will automatically be paid by SBA for 6 months
  • Paycheck Protection Program (PPP)
  • Administered by banks, credit unions and some fintech providers
  • Up to $10 million
  • Start with your existing banks first
  • There is a tool on SBA to search for lenders. However, some banks are overwhelmed and may not accept every application
  • Visit Treasury.gov daily to see latest information (currently doing better job updating website than SBA)
  • SBA funds are rapidly reaching the limit; Congress may commit to more
  • CA and Texas are receiving lion’s share of the money
  • Economic Injury Disaster Loan (EIDL)
  • Up to $2 million
  • SBA is the direct lender
  • EIDL Advance – Up to $10,000 ($1,000 per employee, up to $10,000). We do know money has gone out this week
  • After receiving the advance, you will get contacted by a loan officer and will discuss with them eligibility and dollar amount
  • For any questions related to EIDL, Disaster Assistance Center: 1 (800) 659-2955 or email disastercustomerservice@sba.gov
  • General Inquiries: sfomail@sba.gov (email is being answered by multiple staff daily, you’ll get a faster response)
  • For in depth PPP questions: marlow.schindler@sba.gov
  • Banks have differing definitions of “customer”
  • Unfortunately, there’s still a lot of gray area
  • 501c4’s – not eligible; 501c6’s – in a gray area
  • Check eligibility list on the Interim Guidance