KEEPING YOU CONNECTED & INFORMED
WBO Events/COVID-19 Resources
End of 2019/20 Season Event:
SBA COVID-19 Relief Programs
There are various Small Business Administration (SBA) options providing financial reprieve to small businesses during the COVID-19 pandemic including the following. Please click on the hyperlinked titles to find more information.
Reminder, if you are eligible and have not done so, please submit your PPP Loan Application to your lender ASAP. It is anticipated that the PPP option will soon end. Encourage others who may be qualified to submit their PPP Loan applications too, now!
Paycheck Protection Program (PPP)
Designed as a direct incentive for small businesses to keep their workers on payroll. Loan will be forgiven if all employees are kept on the payroll for eight (8) weeks and the money is used for payroll (75%), rent, mortgage interest, or utilities. Must apply through any existing SBA 7(a) lender, or other federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
Economic Injury Disaster Loan Emergency Advance (EIDL)
Open to all U.S. small business owners in all U.S., D.C., and territories for an EIDL advance of up to $10,000 to businesses currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid.
SBA Express Bridge Loans
Allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
SBA Debt Relief
• The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
• The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.