COVID-19 Tools & Resources

Paycheck Protection Program

• Overview: A loan to incentivize small businesses that have been impacted by COVID-19 to keep their workers on the payroll.
• Eligibility: Most small businesses with fewer than 500 employees, including 501(c)(3) nonprofit organizations and 501(c)(19) veterans organizations, sole proprietors, independent contractors and self-employed persons
• Loan details: 1% interest with a two-year term
• Loan forgiveness: Some or all of the loan may be forgiven if the funds are used for payroll costs, interest on mortgages, rent and utilities. At least 75% of the forgiven amount must have been used for payroll.
• To apply: Applications are submitted through banks, so contact your bank to determine if it is participating in the program. If your bank is not participating  or if you do not have a banking relationship, you still may be able to apply with another bank. A list of participating lenders is available HERE by entering your ZIP code, or you may be able to apply through Paypal or other non-traditional sources. More information: HERE and HERE

Economic Injury Disaster Loan

• Overview: A program that provides economic support to small businesses to help them overcome the temporary revenue losses as a result of COVID-19. Loans can be used for fixed debts, payroll, accounts payable and other bills.
• Eligibility: Any small business with fewer than 500 employees, including sole proprietorships, independent contractors and self-employed individuals, private nonprofit organizations or 501(c)(19) veterans organizations that have been impacted by COVID-19.
• Loan details: The program provides an advance – i.e. grant – of up to $10,000 to make up a temporary loss in revenue. Additional loan funds may be available at 3.75% interest with a term of up to 30 years.
• Loan forgiveness: The full advance will not have to be repaid and will be forgiven.
• To apply: Applications are not open but are submitted directly to the U.S. Small Business Administration (SBA) through its website. Check back often HERE. More information: HERE and HERE

If you previously submitted an application for an Economic Injury Disaster Loan, you can check on its status by calling 800.659.2955 or emailing disastercustomerservice@sba.gov.