SBA Loans and Resources from COVID-19 Federal Aid Packages
The Federal Government has released legislation to help small businesses that are affected by the COVID-19 outbreak and related stay-at-home sanctions. There are various programs available and information is changing and being clarified regularly. In addition, methods and places to apply for aid are different depending on the product being requested.
There are only three resources we trust to obtain information regarding the aid packages:
- The U.S. Small Business Administration
- Your Personal Business Banker
- Your Federal Elected Officials' offices
As of April 2, 2020 we are hearing from more than one banking source that the applications are not ready and the parameters that the banks use to approve the loan for the SBA have not been fully provided. This means that, in spite of information from the Treasury and the SBA, the application process will most likely be delayed.
Here are some links to information at the U.S. Small Business Administration and links to the Treasury department or IRS regarding additional information to some specific packages.
- COVID 19 Small Business Guidance & Loan Resources
- Paycheck Protection Program (PPP) Information Sheet (Treasury)
- Paycheck Protection Program (PPP) Program Information (SBA)
- Frequently Asked Questions for the PPP (Updated by the SBA)