The SBA disaster relief loan application has been updated to be more user friendly with less information requirements. When qualified businesses apply for the loan they receive $10,000 that does not need to be repaid. The $10,000 will be disbursed directly to your bank accounts in three businesses days after the application has been accepted. You will then hear back from the SBA in regards to your approval or rejection for the disaster loan. If you are not approved you can still keep the $10,000. If you are approved for a loan the $10,000 will be deducted from repayment amount. Repayment for disaster loans begins 1 year after the loan is disbursed. If you have already completed the SBA Disaster Loan Application before 3/31 you must complete the application again in its new streamlined format to receive the immediate $10,000 disbursement that does not need to be repaid. The disaster loan requirements have changed and you do not need any collateral to be approved for the loan. The link to the new SBA Disaster Loan Application is https://covid19relief.sba.gov/#/
The Paycheck Protection Program (PPP) is scheduled to start Friday April 3rd. This is a loan to help you with your payroll so you can keep paying your employees. You will apply for this loan directly from an SBA approved lender. The SBA is fast tracking SBA approval for many lenders so it is likely your current bank or credit union will be able to process this loan. You can apply for both the SBA Disaster Loan and PPP loan as long as you use the money for different business expenses. The PPP is intended to cover 8 weeks of payroll cost. If show that you used the loan to retain employees at their current salary levels within the 8 weeks than you can apply to have the loan forgiven in its entirety. You can use this loan to pay for your lease and utilities, however, money used for those bills does not qualify for loan forgiveness. You would begin repayment on this loan 6 months after disbursement. Please visit https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp
for more information.
Banks will not be able to process loan applications or give any information regarding the loan process until 4/3.
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