COVID-19 Resources for Small Businesses



Small Business Administration Resources (SBA)

Paycheck Protection Program (PPP)

An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

The SBA resumed accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT.

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

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.

For a list of approved lenders:–paycheck-protection-program-participating-lenders.  

If you wish to do a lookup search of approved lenders by zip code:

Some lenders are accepting applicants from non customers.


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

Loan Details and Forgiveness

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 75% 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.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

This loan has a maturity of 2 years and an interest rate of 1%.

If you wish to begin preparing your application, you can download a copy of the PPP borrower application form to see the information that will be requested from you when you apply with a lender.

Funding Amount

The lesser of $10 million or 2.5 times the average total monthly payroll costs from the one-year period (look back) prior to the date of application. Express 7(a) loans available up to $1 million.

Economic Injury Disaster Loan (EIDL)

The SBA is NOT accepting new applications at this time for the Economic Injury Disaster Loan-COVID 19 related assistance program, including EIDL Advances, based on available appropriations funding. Applicants that have already submitted an application will be processed on a first-come, first-served basis.

In addition to existing loans available under the SBA for Economic Injury Disaster Loans (EIDL), advance grants up to $10,000 can be made to provide immediate relief for small business operating costs for entities that apply for an Economic Injury Disaster Loan. Funds will be made within three days of a successful application.

Who’s eligible?

Small businesses under 500 employees (including a cooperative, Employee Stock Ownership Plan or a

tribal small business), private nonprofit organizations, sole proprietorships (with or without employees),

independent contractors, and small agricultural cooperatives.

When can I apply?

The SBA now has the Advance in place.

How to apply?

Applicants apply directly to the SBA. Interested borrowers can start the application process at the SBA’s website. The SBA notes that those who applied prior to the launch of this program on March 31st, 2020 will have to reapply through the streamlined application to be eligible for the advance.

Those businesses should receive notification that is the case via email, phone, and mail to advise them of that requirement.

Where can I find more information?

• The SBA COVID-19 response website continues to be updated as more information becomes available.

See Economic Injury Disaster Loans and Loan Advance.

• If a business wants to know the status of a loan, please call the Customer Service Center at 800.659.2955 to learn about your specific situation.

*Please note: businesses CANNOT receive an economic disaster loan and a Paycheck Protection Program loan for the same purpose. If you take advantage of an emergency EIDL grant advance up to $10,000, that amount is subtracted from the amount forgiven up to the Paycheck Protection loan. Businesses can also refinance an EIDL into the Paycheck Protection loan for loan forgiveness purposes. Remaining portions of the EIDL, for purposes other than those laid out in loan forgiveness for a Paycheck Protection loan, remain a loan.*


Please follow and like us: