Paycheck Protection Program Designed to provide a direct incentive for small businesses to keep their workers on payroll, by providing each small business a loan up to $10 million for payroll and certain other expenses. If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable.
Economic Injury Disaster Loans and Loan Advance In response to the Coronavirus (COVID-19) pandemic, small business owners in all 50 states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
SBA Debt Relief Program This will provide a reprieve to small businesses as they overcome the challenges created by this health crisis. Under this program: The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020. The SBA will pay the principal and interest of current 7(a) loans for a period of six months.
These are just a few of the programs that are currently available for more information on these programs see the SBA website for Coronavirus (COVID-19) at https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-2