THE OFFICIAL SITE ~ SINCE 1998
Go to SBA.gov and click on the yellow banner at the top.
This will take you to a page with more information on how to apply.
The U.S. Federal Government passed a big Coronavirus relief bill aimed at supporting small business through this difficult time.
One of the measures in the bill is the Paycheck Protection Program.
Here is a breakdown of what is involved and how to apply to see if you may qualify for this (up to) $10,000 forgivable, yes, you read correctly, a forgivable loan.
At the top you will see a yellow banner that reads: "Coronavirus (COVID-19): Apply for an Economic Injury Disaster Loan CLICK HERE."
The Paycheck Protection Program is part of this Coronavirus Aid, Relief, and Economic Security (CARES) Act. This is a nearly $350-billion program inside of the $2-Trillion, intended to provide American small businesses and Independent Contractors with eight weeks of cash-flow assistance through 100 percent federally guaranteed loans.
Here the SBA will collect information in order to make you a loan for up to $10,000. To qualify under SBA’s Economic Injury Disaster Loan Program the applicant impacted by the Coronavirus (COVID-19) will be evaluated to determine whether you are eligible for an economic injury loan.
If you own a small business, with or without employees, or if you are an independent contractor, you will likely fit under the 2nd radio button/line item. Read carefully to see if this is the button that best describes your situation.
How do I qualify?
Next you will need to check all of the 7 boxes below if you can.
How is this different than a typical SBA Loan?
The SBA also offers an Economic Injury Disaster Loan (EIDL)—often shortened to just SBA disaster loan. This is a separate, but similar, initiative. Here’s how they are different:
Last step: Enter all of your information that is required as indicated by the red line at the beginning of each line. There are 3 pages. Once complete you are done. The SBA will contact you by email to let you know if you qualify. And at any point in the process if you need more help or have questions about this application, or problems providing the required information, please contact the SBA Customer Service Center at 1-800-659-2955 or (TTY: 1-800-877-8339) DisasterCustomerService@sba.gov.
*Remember to save all of your receipts for expenses. This will help make sure that the proceeds of your loan will qualify to be forgiven. The intention of the Federal government by providing you this money is to keep people employed and keep small businesses from going under during this tumultuous time.
Good luck and