SBA COVID-19 BUSINESS ASSISTANCE PROGRAMS
BCT is a Preferred Lender with the Small Business Administration (SBA).* The SBA Disaster Loan Assistance program provides assistance for businesses, including sole proprietorships, who have been financially harmed by the COVID-19 pandemic. Gather your financial records and business documents before starting the application process.
WHAT BUSINESS ASSISTANCE PROGRAMS ARE AVAILABLE?
There are primarily two programs funded through the Small Business Administration (SBA). One is the Paycheck Protection Program (PPP) that is intended to protect business payroll expenses, salaries, mortgage interest, rent and utilities and interest on debt prior to February 15, 2020. The other is the Economic Injury Disaster Loan (EIDL) program for other harm to businesses that has two options, disaster loan or emergency grant. Details are found in the chart below.
**To apply for PPP assistance, visit our webpage SBA Payroll Protection Program.
Content here.
Overview
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Economic Injury
Disaster Loan (EIDL)
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EDIL Emergency Grants
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| Maximum Loan Amount |
Up to $2,000,000
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Grant up to $10,000
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Eligible
Borrowers |
- Businesses that meet the SBA size standards
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- Sole Proprietorship with 500 or fewer employees (with or without employees or as independent contractors)
- Cooperative of 500 or fewer employees
- ESOP (500 or fewer employees)
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| Use of Proceeds |
- Payroll Expenses
- Accounts Payable
- Fixed Debt
- Rent and Utilities
- Bills not paid because COVID
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- Any purpose for a loan made under Section 7(b)(2)
- Provide sick leave to employees unable to work due to direct effect of COVID-19
- Maintain payroll to retain employees during business disruptions or substantial slowdowns
- Make rent or mortgage payments
- Repay obligations that cannot be met due to revenue loss
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Collateral
Personal
Guarantee |
Personal Guarantee Required
Will Take Collateral
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Waived
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Affiliation
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Applicable
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Waived
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Credit Elsewhere
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Waived
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Waived
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Forgiveness
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No
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Yes
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Interest
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Fixed 3.75%
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N/A
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Term
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Up to 30 Years
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N/A
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How To Apply
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Apply directly through the Small Business Administration (SBA)
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Apply directly through the Small Business Administration (SBA)
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Preparation Documents and Application
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