Current Financing Options for Businesses Impacted by the Coronavirus Outbreak

By Adam Tracy
SBA Disaster Relief Loan

There are two main ways you can apply for an EIDL coronavirus business loan from the SBA. The SBA recommends using the online application for an easier, faster, and more accurate application process. The SBA recently revamped and streamlined the process for applying for an EIDL, and you can find the application by clicking HERE.

SBA 7(a) Loan
SBA 7(a) loans are small business loans of up to $10 million that are partially guaranteed by the Small Business Administration (SBA). Lengths can go up to 25 years, and SBA 7(a) interest rates can be as low as the market prime rate plus 2.25%. The SBA 7(a) loan program is the most popular of all the SBA loan guaranty programs because the capital it lends can be put toward a wide range of business purposes. You can find more information by clicking HERE.
SBA Paycheck Protection

According to the SBA, the Paycheck Protection Program will be up and running on Friday, April 3. Business owners will be able to apply for a PPP loan through a participating SBA lender, bank, or credit union and be approved the same day. Because the SBA will not review loan applications and lenders only need to determine if a business was operating before a certain date, the hope is that the application and disbursement process will be streamlined.

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