Federal Funding Options

SBA EIDL, SBA PPP, SBA Loan Advance, & USDA

What the CARES Act Means
Federal Resources & Programs 

---

SBA Economic Injury Disaster Loans (EIDL) 

Applications: Open

If you are considering to apply for SBA disaster relief funding we understanding the process can be somewhat daunting. We've linked SBA's 3-step application process as well as a loan assistance application guide (as a note, we continue to add helpful tips to this guide as local businesses are applying--if there is anything you would recommend we add please let us know).

•  ELIGIBLE ENTITIES:
  • Applicants must meet the SBA requirements of a small business (500 employees or fewer)
  • Businesses directly affected by COVID-19
  • Businesses that offer services directly related to the businesses in the declaration
  • Other businesses indirectly related the industry that are likely to be harmed by losses in their community (Example: Manufacturer of widgets may be eligible as well as the wholesaler and retailer of the product)
  • Small non-farm businesses, small agricultural cooperatives, small businesses engaged in aquaculture  
• INELIGIBLE ENTITIES:
  • Religious Organizations
  • Charitable Organizations
  • Gambling Concerns (Ex: Concerns that derive more than 1/3 of their annual gross revenue from legal gambling activities)
  • Casinos & Racetracks (Ex: Businesses whose purpose for being is gambling (e.g., casinos, racetracks, poker parlors, etc.) are not eligible for EIDL assistance regardless of 1/3 criteria above.
  • Cannabis Industry

SBA 3 Step Process

---

 SBA Loan Advance: $10,000 EIDL Advance 

Application: Open

We know you are facing challenging times in this current health crisis. The U.S. Small Business Administration is committed to help bring relief to small businesses and nonprofit organizations suffering because of the Coronavirus (COVID-19) pandemic.
 
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides additional assistance for small business owners and non-profits. 
 
Included in the CARES Act is the opportunity for small business owners in all U.S. states, Washington D.C., and territories to apply for an Economic Injury Disaster Loan advance of up to $10,000.
 
The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This Advance may be available even if your EIDL application was declined or is still pending.
 
Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
 
In order to qualify for the Advance, you must submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing EIDL application.
 
This application is quick, the only "numbers" you will need to initially provide are:

• Gross Revenues for the Twelve(12) Month Prior to the Date of the Disaster (January 31, 2020)
• Cost of Goods Sold for the Twelve(12) Month Prior to the Date of the Disaster (January 31, 2020)

In the third step be sure to check the box that you would like to be considered for the loan advance, enter in bank information, and then submit.

Apply Here

---

SBA Paycheck Protection Program (PPP)

Application: Not Yet Open

These are SBA loans applied for through approved SBA lenders. SBA will be releasing rules on this loan Friday (4/3/20). Our recommendation if you are interested in this loan is to contact your local SBA lender immediately.

Over the next several days, as the SBA publishes its final program guidelines and prepares to open up the application acceptance process, more information will continue to become available and your lenders are here to help.

In the meantime, you can help expedite your application by gathering the following:

• Payroll records from 2019 and the average monthly payroll
• Financials

Financial institutions are anticipating that they will be able to begin processing applications on April 6.