jdhu
Well-known member
I prepared updated federal and state assistance programs, current as of April 5. I'm just pasting the emails I sent to my clients and can't attach the referenced PDFs. Feel free to PM me and I can email.
Below (and attached as word doc) are updated federal assistance programs (current as of April 5, 2020). Some of this I've already briefed you on, but there have been updates. Also attached are two PDFs with information about applying for the Payment Protection Program and the Express Bridge loan (may not apply to you; it's for companies with existing borrowing relationships with SBA-approved express lenders).
Please take a good look and let me know if you think one or more loans might be an option for you; if so, I can look more into it. Also, please check carefully, as some loans have different requirements than others, and some are forgivable!
As always, let me know if you have any questions. Thank you.
Jimy
https://www.sba.gov/funding-program...elief-options/paycheck-protection-program-ppp
(PPP)
1. Loan for businesses up to 500 employees
2. FORGIVABLE loan (100%) if the loan is used for payroll costs, interest on mortgages, rent, utilities
a. At least 75% must be used on payroll
b. Forgiveness decreased if full-time employee headcount declines, or if salary/wages are reduced
c. Two-year maturity, 1% interest
3. Apply through any FDIC lender
a. See attached application form for information and requirements
https://www.sba.gov/disaster-assistance/coronavirus-covid-19
https://covid19relief.sba.gov/#/
SBA disaster assistance loan (all states)
(second link is application)
1. Available to small businesses in all states
2. Up to $2 million (non-forgivable)
a. Interest rate is 3.75%
b. Repayment terms determined on case-by-case basis (up to 30-year plan)
https://www.sba.gov/funding-program...onomic-injury-disaster-loan-emergency-advance
https://covid19relief.sba.gov/#/
1. Emergency disaster assistance loan of up to $10,000
2. Funds immediately available following successful application
3. Loan advance need NOT be repaid!
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans
SBA Express Bridge Loan
1. Up to $25,000, fast turn around loan
2. Small business borrower MUST have existing business with SBA Express lender
3. PDF attached (long); if you have a lender already, call them to see if they are an SBA Express Lender
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief
SBA Debt Relief on existing loan (7(a), 504 and microloans)
1. https://www.thebalancesmb.com/getting-an-sba-7-loan-for-small-business-398040
a. Explanation of 7(a) loan
2. https://www.sba.gov/brand/assets/sba/sba-lenders/504-Loan-Fact-Sheet-Borrower-Version.pdf
a. Explanation of 504 loan
3. https://cdcloans.com/lender/504-7a-loan-comparison/
a. Explanation of differences between 504 and 7(a) loans
4. https://www.sba.gov/loans-grants/see-what-sba-offers/sba-loan-programs/microloan-program
a. Explanation of microloans (up to $50,000)
5. If a small business has any of the above loans already, OR obtains one prior to September 27, 2020, SBA will automatically pay principal, interest, and fees (so-called debt relief)
https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020
IRS Filing Deadline extension (July 15, 2020)
Below (and attached as word doc) are updated federal assistance programs (current as of April 5, 2020). Some of this I've already briefed you on, but there have been updates. Also attached are two PDFs with information about applying for the Payment Protection Program and the Express Bridge loan (may not apply to you; it's for companies with existing borrowing relationships with SBA-approved express lenders).
Please take a good look and let me know if you think one or more loans might be an option for you; if so, I can look more into it. Also, please check carefully, as some loans have different requirements than others, and some are forgivable!
As always, let me know if you have any questions. Thank you.
Jimy
https://www.sba.gov/funding-program...elief-options/paycheck-protection-program-ppp
(PPP)
1. Loan for businesses up to 500 employees
2. FORGIVABLE loan (100%) if the loan is used for payroll costs, interest on mortgages, rent, utilities
a. At least 75% must be used on payroll
b. Forgiveness decreased if full-time employee headcount declines, or if salary/wages are reduced
c. Two-year maturity, 1% interest
3. Apply through any FDIC lender
a. See attached application form for information and requirements
https://www.sba.gov/disaster-assistance/coronavirus-covid-19
https://covid19relief.sba.gov/#/
SBA disaster assistance loan (all states)
(second link is application)
1. Available to small businesses in all states
2. Up to $2 million (non-forgivable)
a. Interest rate is 3.75%
b. Repayment terms determined on case-by-case basis (up to 30-year plan)
https://www.sba.gov/funding-program...onomic-injury-disaster-loan-emergency-advance
https://covid19relief.sba.gov/#/
1. Emergency disaster assistance loan of up to $10,000
2. Funds immediately available following successful application
3. Loan advance need NOT be repaid!
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans
SBA Express Bridge Loan
1. Up to $25,000, fast turn around loan
2. Small business borrower MUST have existing business with SBA Express lender
3. PDF attached (long); if you have a lender already, call them to see if they are an SBA Express Lender
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief
SBA Debt Relief on existing loan (7(a), 504 and microloans)
1. https://www.thebalancesmb.com/getting-an-sba-7-loan-for-small-business-398040
a. Explanation of 7(a) loan
2. https://www.sba.gov/brand/assets/sba/sba-lenders/504-Loan-Fact-Sheet-Borrower-Version.pdf
a. Explanation of 504 loan
3. https://cdcloans.com/lender/504-7a-loan-comparison/
a. Explanation of differences between 504 and 7(a) loans
4. https://www.sba.gov/loans-grants/see-what-sba-offers/sba-loan-programs/microloan-program
a. Explanation of microloans (up to $50,000)
5. If a small business has any of the above loans already, OR obtains one prior to September 27, 2020, SBA will automatically pay principal, interest, and fees (so-called debt relief)
https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020
IRS Filing Deadline extension (July 15, 2020)