- Paycheck Protection Program (PPP)
Congress has allocated an additional $284 billion in the latest relief package, signed into law Dec. 27. In addition to traditional lenders (banks, credit unions, etc.), this new round will also be available through community development financial institutions (CDFIs). The bill also earmarks a portion of the PPP funding for both first- and second-time borrowers with 10 or fewer employees and loans of less than $250,000 in low-income areas. Forgiveness of loans of less than $150,000 has been simplified as well. There is a $15 billion set aside for hard-hit live venue operators such as theaters and live performing arts organizations through a different portion of the relief bill.
- Economic Injury Disaster Loan Advance
In the new relief bill, Congress added $20 billion to the EIDL program. These loans provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties that does not have to be repaid. This complements the traditional SBA Economic Injury Disaster Loan (EIDL) program which has been in place for the entire nation, all territories and Washington, D.C. since mid-March. Approval notification is estimated at approximately three days.
- SBA Debt Relief
The latest bill extends a provision that pays the principal and interest on behalf of borrowers that have certain SBA loans, such as 7(a) loans. It also provides support for the 7(a) program by increasing the amount of the SBA’s guarantee for lenders.
- Express Bridge Loan
The SBA’s Express Bridge Loan allows small businesses that have an existing business relationship with a participating lender to access up to $25,000 quickly.
- Small Business Development Centers
These centers will help you navigate available SBA loans and provide you with no-cost business consulting.
- Export Credit Insurance
This program protects you in case your customers overseas are slow on paying receivables or go out of business. It allows you to commit to export sales without fear of loss during the pandemic.
- USDA Resources for Rural Communities & Agricultural Producers
The USDA is are taking a number of steps to help rural communities and agricultural producers through their single-family, multi-family, business-cooperative, and utility service provider programs.
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia