Coronavirus USA

US small business loan: resources and how to apply

If you run a small business in the United States then you will want to know how you can take advantage of the government’s support.

US small business loan: resources and how to apply
LARRY W. SMITH EFE

With the growing spread of coronavirus in the United States of America, the economic impact is being felt far and wide. Small business have been particularly susceptible to the financial pains associated with the lockdown measures taken by States and the Federal Government but support is being provided in the form of loans and debt relief.

Covid-19: US small business support options

At the end of March, President Donald Trump signed into law a $376 billion package for workers and small businesses as part of the CARES Act. This support comes in additional to the traditional SBA funding programs with four specific temporary ones to get through this pandemic. Here is what your options are as stated by the US Small Business Administration:

Paycheck Protection Program

This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program. (More details)

EIDL Loan Advance

This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. (More details)

SBA Express Bridge Loans

Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. (More details)

SBA Debt Relief

The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. (More details)