Important Updates From The Small Business Administration On Loan Programs

In a recent update from the U.S. Small Business Administration, the Chamber has learned the status of specific loan and grant programs and has outlined them below. Please contact our offices for more information or assistance.

If a business has not applied for the Economic Injury Disaster Loan (EIDL), they should do so quickly. While the EIDL “advance” has allocated all of its funds, the EIDL loan is still available. The “advance” was the grant of up to $10,000.

The Paycheck Protection Program (PPP) has been extended to August 8th and there is over $100 billion still available.

CARES Act debt relief is available through September 27th. Click here for an informational flier.

Requesting non-disaster loans is still an option. Keep in mind that debt service on the disaster loans will need to be included and covered as part of a bank’s review.

EIDL loans over $25,000 were secured by business assets. Therefore, the potential borrower will need to address that with the SBA if approved for future loans by a bank.

EIDL Loan eligibility determination and the next steps for requesting an increase.