Loan Programs Information
PPP Direct Forgiveness Portal
Existing Paycheck Protection Program (PPP) borrowers may be eligible for PPP loan forgiveness. Business owners should visit the newly launched SBA PPP Direct Forgiveness Portal to register and apply.
Economic Injury Disaster Loan (EIDL)
In response to the Coronavirus (COVID-19) pandemic, small business owners currently experiencing a temporary loss of revenue are able to apply for an EIDL Advance of up to $10,000.
Maximum loan amount: $15,000
The EIDL Advance (does not have to be repaid): Up to $10,000 ($1,000 per employee)
Interest rates: 3.75% for small businesses; 2.75% for non-profits
Term: Up to 30-years
Any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons) affected by COVID-19
Private non-profit organizations affected by COVID-19
501(c)(19) veterans organizations affected by COVID-19
Business must have been in operation before January 31, 2020
This loan advance will not have to be repaid. Recipients do not have to be approved for a loan in order to receive the advance, but the amount of the loan advance will be deducted from total loan eligibility. On June 15, SBA began accepting new EIDL and EIDL Advance applications from qualified small businesses and U.S. agricultural businesses.
SBA Debt Relief
As part of the coronavirus debt relief efforts, the SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020.
This relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans. Borrowers do not need to apply for this assistance. For current SBA Serviced Disaster (Home and Business) Loans: If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020.