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Friday, April 10, 2020 | View in browser
SBA Webinar: Coronavirus Relief for Small Businesses
Join the SBA today at 10:30 a.m. for an online event to hear updates on the SBA's relief programs for small businesses impacted by COVID-19, including the Paycheck Protection Program.
If your small business has been impacted by coronavirus, join this free online training. This event has space for everyone and will not sell out. Register here.
Paycheck Protection Program Overview
- Eligible recipients may qualify for a loan worth up to $10 million determined by eight weeks of prior average payroll plus an additional 25% of that amount.
- Loan payments will be deferred for six months.
- SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
- Business owners can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
- The program will be available through June 30.
Looking for a lender?
Use the search tool at: www.sba.gov/paycheckprotection/find
Read the details
More guidance is included in the Interim Final Rule, available here.
Faith-based organizations
The SBA has clarified that faith-based organizations are eligible to receive loans regardless of whether they provide secular social services. See the FAQ here.
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