SBA Coronavirus Small Business Financial Assistance Programs
For more complete information on these programs (and other assistance options), visit SBA’s
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
The following programs in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, each administered by the U.S. Small Business Administration, are intended to assist business owners in overcoming the challenges brought by the COVID-19 pandemic.
Paycheck Protection Program
How to Apply:
You 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. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Use this tool to find a nearby lender eligible to issue a loan under the Paycheck Protection Program:
Here’s the fillable PDF application.
The following entities affected by Coronavirus (COVID-19) may be eligible:
- Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
- Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
- 500 employees, or
- That meets the SBA industry size standard if more than 500
- Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
- Sole proprietors, independent contractors, and self-employed persons
Under this program:
- The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll).
- Loan payments will also be deferred for six months.
- No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
- Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years.
- All loans have an interest rate of 1%.
Click here to learn more:
Note especially the section titled “Loan Details and Forgiveness”.
(For additional information on this program, read SBA’s “Paycheck Protection Program Frequently Asked Questions”)
If you need help completing this application, contact the New York SBDC center nearest you.
Economic Injury Disaster Loan (EIDL)
On June 15, SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications from qualified small businesses and U.S. agricultural businesses.
Who should apply:
- If you have not previously applied to the Economic Injury Disaster Loan (EIDL) program before and would like to be considered for an EIDL Loan or the EIDL Advance.
- If you applied between March 19th and March 30th in the original application portal or document upload and have not received an EIDL Advance or Loan.
- If there was an error in your original EIDL application.
Who should NOT apply:
- If you have already been awarded an EIDL Loan and Advance.
- If your EIDL application has been reviewed and declined.
Begin the application process here:
If you need assistance with your EIDL application, make an appointment with a New York SBDC advisor.
SBA Debt Relief
The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis.
Under this program:
- The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
- The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
SBA Express Bridge Loans
Click here to read SBA’s procedures applicable to the Express Bridge Loan Pilot Program
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
- Up to $25,000
- Fast turnaround
- Will be repaid in full or in part by proceeds from the EIDL loan
Find an Express Bridge Loan Lender by connecting with your local SBA District Office.