Notice: Paycheck Protection Program closed August 8, 2020
Current law dictates that the Paycheck Protection Program (PPP) close at the end of August 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders
If your business has been hurt by the coronavirus (COVID-19), the Small Business Administration has options that may help you. For declared disasters, the SBA offers . And now, its new .
These programs were authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed on March 27, 2020.
Paycheck Protection Program
The provides help for:
Businesses with less than 500 employees
Đang chơi bàiPrivate non-profit organizations
The program offers loans for payroll and certain other expenses. Businesses that pay all employees for eight weeks will not have to repay loans used for:
Economic Injury Disaster Loan Emergency Advance
The provides a loan advance for businesses losing money due to the coronavirus. These loans can help you pay:
Đang chơi bàiContinuation of health care benefits
Fixed debt payments
SBA Express Bridge Loans
Đang chơi bàiIf your business has a relationship with an SBA Express lender, you can borrow up to $25,000 fast under the .
SBA Debt Relief
Đang chơi bài It may also defer loan payments on disaster loans through December 31, 2020.- Explore many types of loans for starting and expanding a business, handling disasters, and exporting goods.
- Get information on government-guaranteed loans for rural businesses and local program contacts.
Đang chơi bài - Research many types of federal loans for your business and learn how to apply.
Đang chơi bài - The SBLF is an initiative of the U.S. Treasury Department. It provides capital to qualified community banks and community development loan funds (CDLFs). This helps banks and businesses work together to promote economic growth and create new jobs.
No Federal Grants for Businesses
The federal government does not offer grants for starting or growing a business. It only provides grants for nonprofit and educational institutions. These organizations focus mainly on medicine, technology development, and other related fields. Find out more about federal grants.
Some state and local programs offer business grants. They usually require you to match the funds. Or, they may expect you to combine the grant with other forms of financing, such as a loan.
Other Government Funding Options for Your Business
These federal and state programs can also help finance your business:
Small Business Investment Company (SBIC) Program - The SBA partners with private investment funds licensed as SBICs to provide growth capital to small businesses..
Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs - The SBIR/STTR programs are competitive and awards-based. They encourage small businesses to pursue federal research or research and development (R/R&D) projects. While exploring their technological potential, businesses can profit from commercialization..
State and Local Business Assistance - Find out about state and local business financial assistance where you liveĐang chơi bài. This includes financing for business expansion, state credit initiatives, and more.
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Last Updated: December 1, 2020