The Small Business Administration and the Department of Treasury have announced that they have initiated a mobilization effort of banks and other lending institutions to provide small businesses with the assistance they need. Applications can be made starting tomorrow April 2, 2020. We recommend that you reach out to your financial instutution today, and get started ASAP as funds are limited.

Download the application here to get started.

Small businesses and eligible nonprofit organizations, veterans organizations, and tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

• For a top-line overview of the program CLICK HERE
• If you're a lender, more information can be found HERE
• If you're a borrower, more information can be found HERE
• The application for borrowers can be found HERE


Loan Terms & Conditions

• Eligible Entities: All businesses, including non-profits, veterans organizations, tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
• Maximum loan amount up to $10 million
• Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)

• Interest rate of 0.5%
• Maturity of 2 years
• First payment deferred for six months
• 100% guarantee by SBA
• No collateral
• No personal guarantees
• No borrower or lender fees payable to SBA

Visit the US Treasury Website for more information about disaster relief for small business.