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CHAMBER BLOG

Coronavirus Relief Funding Options for Small Businesses from the SBA

4/6/2020

1 Comment

 
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Content via U.S. Small Business Administration
Our nation's small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses.
​
In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak:
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Paycheck Protection Program 

Primarily for payroll expenses, the Paycheck Protection Program (PPP) starts today and provides up to $10 million per small business in loan forgiveness for retaining employees. The loan forgiveness portion is dependent on keeping and paying employees or rehiring employees laid off in response to the COVID-19 national emergency. 

More about PPP
To find a PPP lender, contact your current bank or lender to see if they are offering PPP. Or, view a list of SBA lenders on your local district office website who may also be offering PPP: 
  • Seattle District (Washington and northern Idaho)
  • Portland District, page 30 (Oregon and southwest Washington)
  • Boise District, page 30 (southern Idaho and eastern Oregon)
  • Alaska District

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Economic Injury Disaster Loan Advance (EIDL)

This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties that does not have to be repaid. This complements the traditional SBA Economic Injury Disaster Loan (EIDL) program which has been in place for the entire nation, all territories and Washington, D.C. since mid-March.
​
Please note the application process for the EIDL program was updated March 30. For those who submitted a COVID-19 EIDL application prior to March 30, unless you have already been approved or are currently working with a loan officer, you should re-apply using the new streamlined application if you have not done so already.  The new application is streamlined and faster. Approval notification is estimated at approximately three days.

More about EIDL

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SBA Debt Relief

The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. This covers all principal, interest and fees on current and new SBA 7(a) loans made through September 27, 2020, for up to six months. 

More on debt relief

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Express Bridge Loan

The program enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.

More about Express Bridge
1 Comment
Gary @ Mid-Columbia Insurance link
4/12/2020 01:04:52 pm

Thank you for this information. The Chamber can be such a valuable resource during this situation. Look forward to the webinar on the 15th.

Reply



Leave a Reply.

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Copyright © Tri-City Regional Chamber of Commerce. All rights reserved.
7130 W Grandridge Blvd., Suite C, Kennewick, WA 99336 USA
Phone: (509) 736-0510
[email protected]
Hours
Monday - Thursday: 8 am - 5 pm
​(closed for lunch 12 - 1 pm)
​Friday: 8 am - 12 pm
​Closed Weekends

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  • MEMBERSHIP
    • Membership Directory
    • Member Login
    • Join the Chamber
    • Membership Features
    • Sponsorship Opportunities
    • Stakeholder, Leader, & Growth Level Members >
      • Stakeholder and Leader Profiles
  • EVENTS
    • Chamber Calendar
    • Annual Events >
      • Annual Meeting & Awards Luncheon
      • Women in Business Conference >
        • Call for Speakers - Tri-Cities Women in Business Conference
        • ATHENA Awards
      • Washington Workplace Summit
      • State of the Cities
      • Elected Leaders Reception
      • Tri-Cities Day at the Capitol
      • Bridging Partnerships Small Business Symposium
    • Monthly Membership Luncheon
    • Business After Hours
    • Ribbon Cutting Request
  • PROGRAMS & SERVICES
    • Ambassador Club
    • Ask the Experts
    • Business Builders Resource Roundtable
    • Business Resource Navigator
    • LEARN Groups
    • Member Advertising Opportunities
    • myTRI 2030
    • Office Depot Savings Program
    • Washington APEX Accelerator >
      • Meet the Buyer
      • Yes, You Can! Contracts with the Government
    • Workforce & Education >
      • Tri-Cities Regional Career Signing Day
      • Washington Workforce Portal
      • Job Board
  • Advocacy
    • Legislative Action and Advocacy
    • Business Advocacy Letters
    • 2025 State Budget
    • Vote for Business
    • 2025 Scorecard
  • NEWS
    • Press Releases
    • In the News
    • Blog
    • Member News
    • Annual Report
    • Email Updates
    • Website Sponsors
  • ABOUT US
    • Contact
    • Our Leadership
    • Our Team
    • Committees
    • Policies
    • Tri-Cities Strategic Alliance Partners >
      • Benton-Franklin Council of Governments
      • TRIDEC
      • Visit Tri-Cities
    • Tri-Cities Community Map
    • Built for Prosperity - Strategic Plan 2024-2026