COVID-19: Small Business Loan Resources

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Export Newsletter  - April 2020

u s small business administration

COVID-19: Small Business Loan Resources

The spread of the COVID-19 virus is presenting new challenges for our communities and the U.S. economy.  We know this is a difficult time for people everywhere, including small business owners. SBA is here with resources to help you navigate this crisis.

Paycheck Protection Program icon

Paycheck Protection Program  This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.

Apply through lender

Bridge Loan icon

 

SBA Express Bridge Loans  Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.

Apply through current SBA Express lender

Debt Relief icon

 

SBA Debt Relief  The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.

 


 

Debt Relief for Small Business Owners in CARES Act

There is a new temporary relief option aimed at helping small businesses who may be financially struggling as a result of the ongoing coronavirus pandemic. If your business borrowed or is a new borrower of money from the SBA, you might be eligible for SBA debt relief under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. For six months, the SBA will automatically pay the principal, interest and fees on current and new 7(a), 504, and microloans issued before Sept. 27, 2020.

Learn more

 

Meeting COVID-19 Challenges with Exporting Assistance

SBA provides export loans to help your businesses achieve sales through exports and can help you respond to opportunities and challenges associated with trade, such as COVID-19. The loans are available to U.S. small businesses that export directly overseas, or those that export indirectly by selling to a customer that then exports their products.

  • Export Express loan program allows access to capital quickly for businesses that need financing up to $500,000. Businesses can apply for a line of credit or term note prior to finalizing an export sale or while pursuing opportunities overseas, such as identifying a new overseas customer should an export sale be lost due to COVID-19.
  • Export Working Capital program enables small businesses to fulfill export orders and finance international sales by providing revolving lines of credit or transaction-based financing of up to $5 million. Businesses could use a loan to obtain or retain overseas customers by offering attractive payment terms.
  • International Trade loan program helps small businesses engaged in international trade to retool or expand to better compete and react to changing business conditions. It can also help exporting firms to expand their sales to new markets or to re-shore operations back to the U.S.
Export Finance Manager icon

 

Would you like to set up an appointment with an SBA Export Finance Manager?

Contact Me

 

Trade Hotline

Do you have questions about tariffs or customs compliance, need information on new international markets, or advocacy on your behalf with a foreign government regarding a pending contract?  Please call the SBA toll free (855) 722-4877 or email your contact information and trade issues to international@sba.gov.

 

SBA Administrator and Treasury Secretary announce Resumption of the Paycheck Protection Program

Administrator of the U.S. Small Business Administration Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin announced the resumption of the Payroll Protection Program (PPP).  The Small Business Administration resumed accepting PPP loan applications on Monday, April 27 at 10:30 AM EDT from approved lenders on behalf of eligible borrowers.  “The PPP has supported more than 1.66 million small businesses and protected over 30 million jobs for hardworking Americans. With the additional funds appropriated by Congress, tens of millions of additional workers will benefit from this critical relief.”

Read more

coronavirus image

Federal Coronavirus Resources

State, local, and federal agencies are working together to maintain the safety, security, and health of the American people. Check out coronavirus.gov for updates from the White House's Coronavirus (COVID-19) Task Force. Go to cdc.gov for detailed information about COVID-19 from the Centers for Disease Control and Prevention.  

Learn more

 

Beware of Scams and Fraud Schemes

The Office of Inspector General recognizes that we are facing unprecedented times and is alerting the public about potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration in response to the Novel Coronavirus Pandemic (COVID-19). The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times.  Be on the lookout for grant fraud, loan fraud, and phishing.

Learn more