Economic Support and Recovery Services for those impacted by COVID-19
Small Business Disaster AssistanceWhat the SBA is doing to help small businesses:
- Lenders can make an interim loan to small businesses to help them until an SBA disaster loan can be processed. If an SBA disaster loan is approved proceeds from the disaster loan can be used to pay off the lender’s interim loan. Existing loans not incurred to address needs as a result of the current disaster are not eligible for refinancing with SBA disaster loan proceeds.
- SBA Express lenders can use their delegated authority to originate “Express Bridge Loans.” https://www.sba.gov/document/information-notice-5000-180005-express-bridge-loan-pilot-program-guide
- There is no minimum amount for a disaster loan. The maximum disaster loan is $2 million. If the business currently has a $5 million SBA loan outstanding, they are still eligible for a disaster loan of up to $2 million.
- There is a credit elsewhere test (although different than standard 7a and 504 loans). The determination will be made based on whether the business has the resources or access to other conventional loans or capital to operate in the disaster situation without an SBA disaster loan.
- Eligible applicants include: small businesses, small agricultural cooperatives, small aquaculture enterprises, and private, non-profit organizations. With limited exceptions, agricultural enterprises are not eligible for any SBA Department of Labor - FAQ's for Businesses and Workers, Filiing for Unemployment due to COVID-19disaster loans.
- Find more information on the SBA’s available resources at: www.SBA.gov/Coronavirus
- U.S. Small Business Administration Disaster Assistance in Response to the Coronavirus
- Estimated Disaster Economic Injury Worksheet for Businesses
- SBA Disaster Assistance in Response to the Coronavirus
- Coronavirus: Small Business Guidance & Loan Resources
CARES Act - The Coronavirus Relief Bill
CARES Act - To provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic.
Full text of the bill passed by Congress
Republican Leader Kevin McCarthy FAQ sheets regarding CARES Act.